Cetera Investment Advisers Grows Stock Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Key Points

• Cetera Investment Advisers increased its stake in Rigetti Computing by 59.6%, owning 67,742 shares valued at approximately $537,000.
• Multiple large investors, including Nuveen Asset Management and Manufacturers Life Insurance Company, have also recently made significant investments or adjustments to their positions in Rigetti Computing.
• Recent analyst reports have resulted in a consensus buy rating for Rigetti Computing, with price targets ranging from $15.00 to $20.00.

Cetera Investment Advisers lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 59.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,742 shares of the company's stock after purchasing an additional 25,286 shares during the period. Cetera Investment Advisers' holdings in Rigetti Computing were worth $537,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. KLP Kapitalforvaltning AS acquired a new position in Rigetti Computing in the 1st quarter valued at $365,000. Choreo LLC acquired a new position in Rigetti Computing in the 1st quarter valued at $101,000. Kestra Private Wealth Services LLC acquired a new position in Rigetti Computing in the 1st quarter valued at $192,000. Csenge Advisory Group acquired a new position in Rigetti Computing in the 1st quarter valued at $110,000. Finally, Private Advisor Group LLC grew its holdings in Rigetti Computing by 108.7% in the 1st quarter. Private Advisor Group LLC now owns 173,257 shares of the company's stock valued at $1,372,000 after buying an additional 90,243 shares in the last quarter. Institutional investors own 35.38% of the company's stock.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the 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 transaction, the director owned 419,756 shares in the company, valued at approximately $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the 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 $375,000.00. Following the completion of the transaction, the director owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here.

Rigetti Computing Stock Performance

Shares of RGTI stock traded down $1.33 on Friday, hitting $16.65. The company had a trading volume of 48,268,180 shares, compared to its average volume of 39,146,072. The firm has a market cap of $4.83 billion, a P/E ratio of -21.91 and a beta of 1.44. The stock's 50-day moving average is $13.83 and its two-hundred day moving average is $11.48. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Needham & Company LLC upped their target price on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, August 4th. Benchmark reiterated a "buy" rating and set a $20.00 target price (up from $14.00) on shares of Rigetti Computing in a research report on Wednesday. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. B. Riley upped their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Finally, Cantor Fitzgerald assumed coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has a consensus rating of "Buy" and an average target price of $17.43.

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.