Algert Global LLC Acquires Shares of 92,520 Rigetti Computing, Inc. $RGTI

Key Points

• Algert Global LLC made a new investment in Rigetti Computing, acquiring 92,520 shares valued at approximately $733,000.
• Recent insider activity included Director Michael S. Clifton selling 25,000 shares for $375,000, leading to a 2.84% decrease in his holdings.
• Equity analysts have given Rigetti Computing a consensus rating of "Buy" with target prices ranging from $15.00 to $20.00.

Algert Global LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 92,520 shares of the company's stock, valued at approximately $733,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in shares of 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 during the last quarter. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing in the first quarter valued at about $30,000. Park Square Financial Group LLC acquired a new stake in shares of Rigetti Computing in the first quarter valued at about $40,000. Orion Capital Management LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $46,000. Finally, US Bancorp DE raised its position in shares of Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RGTI shares. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC increased their target price on shares of Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Cantor Fitzgerald started coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Finally, B. Riley raised their price objective on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Six investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Up 3.9%

RGTI stock traded up $0.55 during mid-day trading on Friday, hitting $14.82. 29,653,087 shares of the company were exchanged, compared to its average volume of 37,617,492. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The business has a fifty day simple moving average of $14.17 and a 200-day simple moving average of $11.55.

Insider Buying and Selling at Rigetti Computing

In other news, Director Michael S. Clifton sold 25,000 shares of the firm'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 value of $375,000.00. Following the completion of the transaction, the director 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the transaction, the director owned 419,756 shares of the company's stock, valued at $6,296,340. The trade was a 8.78% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 113,694 shares of company stock worth $1,698,130.

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.