Rigetti Computing, Inc. (NASDAQ:RGTI) Position Lowered by American Assets Investment Management LLC

Key Points

• American Assets Investment Management LLC has significantly reduced its stake in Rigetti Computing, selling 3,475,067 shares during the first quarter, representing a 48.1% decline in their holdings.
• Rigetti Computing maintains a market cap of $4.58 billion and has seen recent analyst upgrades, with several firms issuing "buy" ratings and target prices ranging from $14.00 to $19.00.
• Approximately 35.38% of Rigetti's shares are owned by institutional investors, highlighting strong interest in the company within the investment community.

American Assets Investment Management LLC trimmed its position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 48.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,746,149 shares of the company's stock after selling 3,475,067 shares during the period. Rigetti Computing accounts for 2.2% of American Assets Investment Management LLC's portfolio, making the stock its 9th biggest position. American Assets Investment Management LLC owned approximately 1.31% of Rigetti Computing worth $29,670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake in shares of Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares in the last quarter. US Bancorp DE raised its holdings in Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after acquiring an additional 1,420 shares during the last quarter. Amalgamated Bank boosted its stake in Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. Legal & General Group Plc boosted its stake in Rigetti Computing by 14.9% during the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Finally, Strategic Advocates LLC increased its holdings in shares of Rigetti Computing by 10.9% in the 1st quarter. Strategic Advocates LLC now owns 19,379 shares of the company's stock worth $153,000 after purchasing an additional 1,911 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 4.5%

NASDAQ:RGTI traded up $0.71 during mid-day trading on Tuesday, hitting $16.47. 45,068,760 shares of the company traded hands, compared to its average volume of 45,170,624. The stock's fifty day moving average price is $13.17 and its 200-day moving average price is $11.29. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42. The firm has a market cap of $4.78 billion, a price-to-earnings ratio of -23.53 and a beta of 1.44.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction dated 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 in the company, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research analyst reports. Needham & Company LLC upped their price target on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a report on Monday. Benchmark reiterated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Cantor Fitzgerald began coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a report on Wednesday, July 16th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $16.00.

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.