KLP Kapitalforvaltning AS Buys Shares of 46,100 Rigetti Computing, Inc. (NASDAQ:RGTI)

Key Points

• KLP Kapitalforvaltning AS acquired 46,100 shares of Rigetti Computing, Inc. (NASDAQ:RGTI), valued at approximately $365,000, in their recent Form 13F filing.
• Several large institutional investors, including California State Teachers Retirement System and Amalgamated Bank, have increased their stakes in Rigetti Computing, reflecting growing interest in the company.
• Rigetti Computing's stock has a consensus rating of "Buy" among analysts, with a target price range from $14.00 to $19.00.

KLP Kapitalforvaltning AS purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 46,100 shares of the company's stock, valued at approximately $365,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RGTI. GAMMA Investing LLC boosted its position in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after buying an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. acquired a new position in Rigetti Computing in the first quarter valued at about $30,000. Park Square Financial Group LLC acquired a new position in Rigetti Computing in the first quarter valued at about $40,000. Orion Capital Management LLC acquired a new position in Rigetti Computing in the fourth quarter valued at about $46,000. Finally, Amalgamated Bank boosted its position in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after buying an additional 1,622 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $375,000.00. Following the sale, the director directly owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.90% of the company's stock.

Rigetti Computing Trading Down 2.6%

Shares of RGTI traded down $0.38 on Friday, reaching $14.12. 31,898,944 shares of the company's stock were exchanged, compared to its average volume of 43,592,824. The stock has a market capitalization of $4.10 billion, a P/E ratio of -20.17 and a beta of 1.44. The business has a 50 day moving average price of $13.08 and a two-hundred day moving average price of $11.18. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RGTI. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research note on Wednesday, July 16th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley boosted their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price for the company. Finally, Needham & Company LLC dropped their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $15.50.

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.