UNICOM Systems Inc. Acquires Shares of 285,000 Rigetti Computing, Inc. (NASDAQ:RGTI)

UNICOM Systems Inc. bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 285,000 shares of the company’s stock, valued at approximately $4,349,000. Rigetti Computing makes up approximately 1.1% of UNICOM Systems Inc.’s portfolio, making the stock its 16th biggest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter valued at $45,000. Spire Wealth Management purchased a new stake in Rigetti Computing in the 4th quarter worth about $46,000. SG Americas Securities LLC raised its position in Rigetti Computing by 166.9% in 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 during the period. JPMorgan Chase & Co. lifted its stake in Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Finally, Activest Wealth Management purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $52,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RGTI shares. Benchmark reiterated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started coverage on shares of 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 issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley raised their price target on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $5.70.

Rigetti Computing Stock Down 3.9 %

Shares of NASDAQ RGTI opened at $12.35 on Tuesday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average is $11.33 and its two-hundred day moving average is $4.71. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of -32.50 and a beta of 1.26.

Insider Buying and Selling

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares in the company, valued at $5,351,235.92. The trade was a 10.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 955,125 shares of company stock valued at $2,449,354. Corporate insiders own 2.81% of the company’s stock.

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.