Vanguard Group Inc. Acquires 9,228,888 Shares of Rigetti Computing, Inc. $RGTI

Vanguard Group Inc. grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 40.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,046,477 shares of the company’s stock after buying an additional 9,228,888 shares during the quarter. Vanguard Group Inc. owned approximately 9.89% of Rigetti Computing worth $954,665,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Trust Co. of Toledo NA OH boosted its position in Rigetti Computing by 1.7% during the third quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the last quarter. Prospera Financial Services Inc increased its holdings in Rigetti Computing by 1.0% during the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after buying an additional 419 shares during the last quarter. GAMMA Investing LLC increased its holdings in Rigetti Computing by 25.6% during the third quarter. GAMMA Investing LLC now owns 2,878 shares of the company’s stock worth $86,000 after buying an additional 587 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 worth $57,000 after acquiring an additional 640 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC lifted its stake in Rigetti Computing by 4.4% in the third quarter. Kingswood Wealth Advisors LLC now owns 21,610 shares of the company’s stock valued at $644,000 after acquiring an additional 920 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $15.92 on Friday. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -12.25 and a beta of 1.69. The stock’s fifty day moving average price is $21.58 and its two-hundred day moving average price is $25.76. Rigetti Computing, Inc. has a one year low of $6.86 and a one year high of $58.15.

Wall Street Analysts Forecast Growth

RGTI has been the topic of a number of research analyst reports. TD Cowen cut shares of Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Wedbush raised their price objective on Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Mizuho began coverage on Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing presently has an average rating of “Moderate Buy” and an average target price of $32.60.

About Rigetti Computing

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.