Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Acquired by Headlands Technologies LLC

Key Points

• Headlands Technologies LLC significantly increased its stake in Rigetti Computing, boasting a growth of 16,127.0% by acquiring 84,667 shares in the first quarter, bringing its total holdings to 85,192 shares valued at approximately $675,000.
• Several institutional investors have also adjusted their positions in Rigetti, with GAMMA Investing LLC boosting its stake by 1,813.0%, while US Bancorp DE increased its position by 29.4%.
• Rigetti Computing shares have shown volatility, with a 1-year high of $21.42 and a 1-year low of $0.66, and currently, the stock holds a market capitalization of $4.48 billion.

Headlands Technologies LLC grew its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 16,127.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,192 shares of the company's stock after acquiring an additional 84,667 shares during the period. Headlands Technologies LLC's holdings in Rigetti Computing were worth $675,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the period. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $30,000. Park Square Financial Group LLC purchased a new stake in shares of Rigetti Computing in the 1st quarter worth approximately $40,000. Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $46,000. Finally, US Bancorp DE lifted its position in shares of 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 purchasing an additional 1,420 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Trading Down 1.4%

Shares of NASDAQ:RGTI traded down $0.22 on Friday, hitting $15.44. 20,713,690 shares of the company were exchanged, compared to its average volume of 45,295,376. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42. The stock's 50 day moving average price is $13.32 and its 200 day moving average price is $11.36. The firm has a market capitalization of $4.48 billion, a P/E ratio of -22.06 and a beta of 1.44.

Insider Buying and Selling at Rigetti Computing

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RGTI. Needham & Company LLC upped their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, August 4th. B. Riley increased their target price on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $16.00.

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.