New York State Common Retirement Fund Grows Stock Holdings in Rigetti Computing, Inc. (NASDAQ:RGTI)

New York State Common Retirement Fund lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 90.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 32,600 shares of the company’s stock after acquiring an additional 15,500 shares during the quarter. New York State Common Retirement Fund’s holdings in Rigetti Computing were worth $497,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Spire Wealth Management bought a new position in Rigetti Computing in the fourth quarter worth approximately $46,000. Activest Wealth Management purchased a new position in shares of Rigetti Computing during the fourth quarter valued at $52,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Rigetti Computing in the fourth quarter valued at about $76,000. Masso Torrence Wealth Management Inc. purchased a new stake in Rigetti Computing in the fourth quarter worth about $153,000. Finally, Nova R Wealth Inc. bought a new position in Rigetti Computing during the 4th quarter worth about $153,000. Institutional investors own 35.38% of the company’s stock.

Insider Transactions at Rigetti Computing

In related 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 transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.81% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RGTI. Needham & Company LLC reaffirmed a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Benchmark raised their price objective on Rigetti Computing from $2.50 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 21st.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $7.86 on Wednesday. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The firm’s fifty day simple moving average is $12.30 and its two-hundred day simple moving average is $5.75. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.51 billion, a P/E ratio of -20.68 and a beta of 1.26.

About Rigetti Computing

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.