Highland Capital Management LLC Acquires New Shares in Rigetti Computing, Inc. (NASDAQ:RGTI)

Highland Capital Management LLC bought a new position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,000 shares of the company’s stock, valued at approximately $229,000.

A number of other large investors have also recently made changes to their positions in the stock. SG Americas Securities LLC lifted its holdings in Rigetti Computing by 166.9% during the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 valued at $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after acquiring an additional 407,389 shares in the last quarter. State Street Corp increased its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares during the period. Finally, Jane Street Group LLC lifted its stake in Rigetti Computing by 23.8% in the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares in the last quarter. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at $13.17 on Friday. The firm has a market capitalization of $2.53 billion, a PE ratio of -34.66 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. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42. The business’s 50-day moving average price is $9.83 and its 200-day moving average price is $4.07.

Insider Buying and Selling at Rigetti Computing

In related news, 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 transaction of $628,750.00. Following the transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. Insiders own 2.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RGTI shares. B. Riley upped their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Craig Hallum assumed coverage on Rigetti Computing in a report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 target price 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 presently has an average rating of “Buy” and a consensus target price of $5.70.

Rigetti Computing Company 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.