Florida Financial Advisors LLC Takes $1.64 Million Position in Rigetti Computing, Inc. $RGTI

Florida Financial Advisors LLC purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the third quarter, Holdings Channel reports. The firm purchased 55,011 shares of the company’s stock, valued at approximately $1,639,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. State Street Corp increased its position in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after purchasing an additional 946,850 shares during the last quarter. Marex Group plc bought a new position in Rigetti Computing during the second quarter valued at about $87,414,000. Geode Capital Management LLC increased its holdings in Rigetti Computing by 22.9% during the second quarter. Geode Capital Management LLC now owns 6,484,155 shares of the company’s stock worth $76,910,000 after buying an additional 1,206,925 shares during the last quarter. Penserra Capital Management LLC increased its holdings in Rigetti Computing by 43.8% during the third quarter. Penserra Capital Management LLC now owns 2,445,818 shares of the company’s stock worth $72,860,000 after buying an additional 744,577 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new stake in Rigetti Computing in the second quarter worth about $21,887,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

RGTI has been the subject of a number of research reports. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Williams Trading set a $40.00 price objective on Rigetti Computing in a report on Tuesday, November 11th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research note on Thursday, January 22nd. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $16.09 on Friday. The firm has a market capitalization of $5.31 billion, a P/E ratio of -12.38 and a beta of 1.69. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15. The business has a fifty day moving average price of $22.68 and a 200-day moving average price of $25.64.

Rigetti Computing Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.