Rhumbline Advisers Raises Stock Holdings in Rigetti Computing, Inc. $RGTI

Rhumbline Advisers boosted its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 12.0% during the third quarter, HoldingsChannel reports. The firm owned 467,525 shares of the company’s stock after buying an additional 49,923 shares during the period. Rhumbline Advisers’ holdings in Rigetti Computing were worth $13,928,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Hantz Financial Services Inc. increased its holdings in shares of Rigetti Computing by 194.9% in the 3rd quarter. Hantz Financial Services Inc. now owns 1,513 shares of the company’s stock worth $45,000 after buying an additional 1,000 shares during the last quarter. Guerra Advisors Inc purchased a new position in Rigetti Computing in the third quarter worth $52,000. Spire Wealth Management increased its stake in Rigetti Computing by 2,400.0% in the third quarter. Spire Wealth Management now owns 1,875 shares of the company’s stock valued at $56,000 after acquiring an additional 1,800 shares during the last quarter. Fourth Dimension Wealth LLC raised its position in Rigetti Computing by 50.8% during the third quarter. Fourth Dimension Wealth LLC now owns 1,900 shares of the company’s stock valued at $57,000 after purchasing an additional 640 shares in the last quarter. Finally, IFP Advisors Inc lifted its stake in Rigetti Computing by 146.1% during the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after purchasing an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

NASDAQ:RGTI opened at $16.18 on Thursday. Rigetti Computing, Inc. has a fifty-two week low of $6.86 and a fifty-two week high of $58.15. The firm has a market cap of $5.34 billion, a PE ratio of -12.45 and a beta of 1.69. The business has a 50 day moving average price of $21.99 and a 200-day moving average price of $25.75.

Analysts Set New Price Targets

Several brokerages have recently commented on RGTI. Mizuho initiated coverage on Rigetti Computing in a research report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price objective on the stock. B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research report on Thursday, January 22nd. Wedbush boosted their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Finally, Wall Street Zen upgraded shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

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.