Geode Capital Management LLC Grows Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Geode Capital Management LLC lifted its position in Rigetti Computing, Inc. (NASDAQ:RGTI) by 20.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,621,829 shares of the company’s stock after purchasing an additional 617,506 shares during the quarter. Geode Capital Management LLC’s holdings in Rigetti Computing were worth $2,837,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in RGTI. 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 stake in shares of Rigetti Computing in the 2nd quarter valued at approximately $161,000. Caprock Group LLC purchased a new stake in shares of Rigetti Computing in the 2nd quarter valued at $42,000. XTX Topco Ltd lifted its stake in 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 acquiring an additional 143,697 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Rigetti Computing in the 2nd quarter valued at about $88,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Performance

Shares of RGTI stock opened at $18.39 on Wednesday. The company has a market cap of $3.54 billion, a P/E ratio of -48.39 and a beta of 1.31. 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 fifty day moving average price of $6.48 and a 200 day moving average price of $2.89. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42.

Insider Activity

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the company’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. This represents a 6.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction that occurred 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 owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on RGTI. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. B. Riley raised their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Craig Hallum started coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Finally, Benchmark reiterated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $4.80.

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.