24,270 Shares in Rigetti Computing, Inc. (NASDAQ:RGTI) Acquired by Kestra Private Wealth Services LLC

Key Points

• Kestra Private Wealth Services LLC has made a new investment in Rigetti Computing, acquiring 24,270 shares valued at approximately $192,000.
• Directors Ray O. Johnson and Michael S. Clifton sold a total of 65,420 shares of Rigetti Computing, reducing their ownership by 8.78% and 2.84%, respectively.
• Rigetti Computing has received favorable ratings from several research firms, with target prices ranging from $14.00 to $19.00, indicating a general positive sentiment among analysts.

Kestra Private Wealth Services LLC bought a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 24,270 shares of the company's stock, valued at approximately $192,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. lifted its position in shares of Rigetti Computing by 7,367.2% in the fourth 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 in the last quarter. UNICOM Systems Inc. lifted its position in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Rigetti Computing by 418.6% in the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company's stock worth $15,254,000 after buying an additional 806,878 shares in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Rigetti Computing

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

Analysts Set New Price Targets

A number of research firms recently commented on RGTI. Needham & Company LLC decreased their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday, July 16th. Finally, B. Riley boosted their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note on Wednesday, July 23rd. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $15.50.

Rigetti Computing Trading Down 2.0%

Shares of RGTI stock traded down $0.30 on Friday, reaching $14.21. 19,746,391 shares of the company's stock were exchanged, compared to its average volume of 72,852,383. The company's fifty day simple moving average is $13.08 and its 200 day simple moving average is $11.18. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The stock has a market capitalization of $4.12 billion, a PE ratio of -20.36 and a beta of 1.43.

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.