LPL Financial LLC lifted its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 122.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 287,811 shares of the company's stock after acquiring an additional 158,301 shares during the period. LPL Financial LLC owned 0.10% of Rigetti Computing worth $2,279,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Rigetti Computing during the first quarter worth approximately $548,000. Cetera Investment Advisers grew its stake in shares of Rigetti Computing by 59.6% during the 1st quarter. Cetera Investment Advisers now owns 67,742 shares of the company's stock valued at $537,000 after buying an additional 25,286 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in shares of Rigetti Computing during the 1st quarter valued at $365,000. Choreo LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth $101,000. Finally, Kestra Private Wealth Services LLC purchased a new position in shares of Rigetti Computing in the 1st quarter worth $192,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have commented on RGTI shares. B. Riley upped their price target on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research note 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. Benchmark raised their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six equities research 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.
Read Our Latest Research Report on RGTI
Insider Activity at Rigetti Computing
In other news, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction that occurred 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 sale, the director owned 853,766 shares of the company's stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This represents a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here.
Rigetti Computing Stock Performance
Shares of NASDAQ RGTI opened at $16.63 on Tuesday. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The stock's 50-day simple moving average is $13.94 and its 200-day simple moving average is $11.51. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of -21.88 and a beta of 1.44.
About Rigetti Computing
(
Free Report)
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.
Further Reading
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