Rigetti Computing, Inc. (NASDAQ:RGTI) Position Boosted by Private Advisor Group LLC

Key Points

• Private Advisor Group LLC increased its holdings in Rigetti Computing by 108.7% in the first quarter, owning approximately $1.37 million worth of shares after acquiring 90,243 additional shares.
• Multiple institutional investors are purchasing shares, with GAMMA Investing LLC notably growing its stake by 1,813.0%, bringing its total to 3,233 shares valued at $26,000.
• Rigetti's stock performance shows a current price of $15.44 with a twelve-month range between $0.66 and $21.42, and it maintains an average analyst rating of "Buy" with a target price of $15.50.

Private Advisor Group LLC raised its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 108.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,257 shares of the company's stock after acquiring an additional 90,243 shares during the quarter. Private Advisor Group LLC owned approximately 0.06% of Rigetti Computing worth $1,372,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the 1st quarter valued at about $30,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $32,000. Park Square Financial Group LLC purchased a new position in Rigetti Computing during the 1st quarter valued at about $40,000. Finally, Orion Capital Management LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $46,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Insider Activity at Rigetti Computing

In related news, Director Ray O. Johnson sold 40,420 shares of the business's stock in a transaction that occurred 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 directly owned 419,756 shares in the company, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Michael S. Clifton sold 25,000 shares of the business's stock in a transaction that occurred 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 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 disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Stock Performance

RGTI opened at $15.44 on Friday. The business has a 50 day moving average price of $12.89 and a 200 day moving average price of $11.02. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42. The firm has a market cap of $4.48 billion, a P/E ratio of -22.06 and a beta of 1.43.

Analyst Ratings Changes

Several equities analysts have weighed in on RGTI shares. Benchmark reaffirmed a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Industrial Alliance Securities set a $18.00 price target on Rigetti Computing in a research note on Wednesday, July 16th. B. Riley boosted their price target on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research note on Wednesday. Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target 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 research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $15.50.

About Rigetti Computing

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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