Avantax Advisory Services Inc. Has $214,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Key Points

• Avantax Advisory Services Inc. reduced its position in Rigetti Computing by 64.2% during Q1, owning 26,960 shares after selling 48,309 shares.
• Invesco Ltd. significantly increased its stake in Rigetti Computing by 7,367.2%, now holding 4,580,317 shares valued at approximately $69.9 million.
• Rigetti Computing has recently received multiple buy ratings from analysts, with price targets ranging from $14.00 to $19.00, reflecting positive investor sentiment.

Avantax Advisory Services Inc. decreased its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 64.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,960 shares of the company's stock after selling 48,309 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Rigetti Computing were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. lifted its holdings in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares during the last quarter. UNICOM Systems Inc. raised its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after purchasing an additional 806,878 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock worth $17,548,000 after purchasing an additional 644,455 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Rigetti Computing by 536.3% in the fourth quarter. Bank of America Corp DE now owns 505,070 shares of the company's stock worth $7,707,000 after purchasing an additional 425,689 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley raised their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald started coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $16.00.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 25,000 shares of the 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 sale, the director owned 853,766 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm'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 value of $606,300.00. Following the completion of the sale, the director owned 419,756 shares of the company's stock, valued at $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Rigetti Computing Price Performance

RGTI traded up $0.54 during midday trading on Monday, hitting $15.98. 28,264,156 shares of the company's stock traded hands, compared to its average volume of 71,343,727. The company has a market cap of $4.64 billion, a PE ratio of -22.83 and a beta of 1.44. The stock's fifty day simple moving average is $13.32 and its 200-day simple moving average is $11.34. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

Rigetti Computing 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.