LaSalle St. Investment Advisors LLC Makes New $134,000 Investment in Rigetti Computing, Inc. (NASDAQ:RGTI)

LaSalle St. Investment Advisors LLC bought a new position in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 17,043 shares of the company's stock, valued at approximately $134,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. California State Teachers Retirement System boosted its stake in Rigetti Computing by 12.7% in the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares in the last quarter. US Bancorp DE boosted its stake in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after buying an additional 1,420 shares in the last quarter. Amalgamated Bank boosted its stake in Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after buying an additional 1,622 shares in the last quarter. Legal & General Group Plc boosted its stake in Rigetti Computing by 14.9% in the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares in the last quarter. Finally, Strategic Advocates LLC boosted its stake in Rigetti Computing by 10.9% in the first quarter. Strategic Advocates LLC now owns 19,379 shares of the company's stock worth $153,000 after buying an additional 1,911 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company's stock.

Insiders Place Their Bets

In related news, 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 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 trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 25,000 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 value of $375,000.00. Following the completion of the sale, the director directly owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

RGTI has been the subject of a number of analyst reports. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark reissued a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. B. Riley increased their price objective on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. Finally, Needham & Company LLC increased their price objective on Rigetti Computing from $15.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, August 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $16.00.

Rigetti Computing Stock Down 1.4%

Shares of RGTI stock opened at $15.44 on Friday. The stock has a fifty day moving average of $13.32 and a 200 day moving average of $11.37. Rigetti Computing, Inc. has a 52 week low of $0.66 and a 52 week high of $21.42. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -22.06 and a beta of 1.44.

Rigetti Computing Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.