Charles Schwab Investment Management Inc. Buys 144,742 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Charles Schwab Investment Management Inc. lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 14.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,149,934 shares of the company’s stock after acquiring an additional 144,742 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.60% of Rigetti Computing worth $901,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after purchasing an additional 400,143 shares in the last quarter. Rhumbline Advisers purchased a new position in shares of Rigetti Computing during the 2nd quarter valued at $161,000. XTX Topco Ltd boosted its holdings in Rigetti Computing by 1,121.1% in the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after buying an additional 143,697 shares during the period. Point72 DIFC Ltd purchased a new stake in Rigetti Computing in the 2nd quarter worth $88,000. Finally, Caprock Group LLC bought a new stake in Rigetti Computing during the second quarter valued at about $42,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 32.0 %

RGTI opened at $11.13 on Wednesday. The company has a market capitalization of $2.14 billion, a PE ratio of -29.29 and a beta of 2.72. The firm has a 50-day simple moving average of $2.44 and a two-hundred day simple moving average of $1.46. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $11.20.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the transaction, the insider now owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Benchmark reissued a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Finally, B. Riley upped their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research note on Monday, November 25th.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.