Independent Advisor Alliance Takes Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Independent Advisor Alliance acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 17,818 shares of the company's stock, valued at approximately $141,000.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 20.7% during the first quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares during the last quarter. UNICOM Systems Inc. lifted its position in Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the period. Penserra Capital Management LLC lifted its position 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 valued at $17,548,000 after purchasing an additional 644,455 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Rigetti Computing by 40.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,868,382 shares of the company's stock valued at $14,798,000 after purchasing an additional 538,792 shares during the period. Finally, Northern Trust Corp lifted its position in Rigetti Computing by 19.2% during the fourth quarter. Northern Trust Corp now owns 1,328,083 shares of the company's stock valued at $20,267,000 after purchasing an additional 213,579 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Michael S. Clifton sold 25,000 shares of the company's stock in a transaction dated 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 sale, the director owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This represents a 2.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ray O. Johnson sold 40,420 shares of the company's stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction of $606,300.00. Following the sale, the director directly owned 419,756 shares of the company's stock, valued at approximately $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 currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on RGTI shares. Benchmark restated 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. B. Riley boosted 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. 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 target price for the company. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Needham & Company LLC upped their price objective 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. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Down 7.4%

Shares of NASDAQ RGTI opened at $16.65 on Friday. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The stock has a market cap of $4.83 billion, a PE ratio of -21.91 and a beta of 1.44. The company has a 50-day moving average of $13.83 and a 200 day moving average of $11.49.

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.

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