State Street Corp Buys 309,831 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

State Street Corp grew its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,715,223 shares of the company’s stock after purchasing an additional 309,831 shares during the quarter. State Street Corp owned approximately 1.42% of Rigetti Computing worth $2,126,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of RGTI. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% in the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp boosted 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 acquiring an additional 400,143 shares during the period. Rhumbline Advisers acquired a new stake in shares of Rigetti Computing in the second quarter valued at about $161,000. Charles Schwab Investment Management Inc. increased its stake in shares of Rigetti Computing by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after purchasing an additional 144,742 shares during the period. Finally, XTX Topco Ltd lifted its position in shares of Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after purchasing an additional 143,697 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 10.2 %

RGTI opened at $15.26 on Thursday. The company has a market capitalization of $2.93 billion, a P/E ratio of -40.16 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm’s fifty day moving average price is $4.77 and its two-hundred day moving average price is $2.27. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $19.35.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total value of $1,954,893.28. Following the transaction, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,955,125 shares of company stock valued at $5,489,354. Company insiders own 2.81% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on RGTI. Benchmark reaffirmed a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. B. Riley upped their target price on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average target price of $4.80.

Rigetti Computing 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.