Rigetti Computing, Inc. $RGTI Stock Holdings Increased by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Rigetti Computing, Inc. by 40.5% during Q1, bringing its total ownership to approximately $14.8 million.
• Insider sales included CTO David Rivas and Director Ray O. Johnson, with Rivas selling 44,355 shares and Johnson selling 40,420 shares, leading to a decrease in their ownership of the stock.
• Analyst reports reflect a positive outlook for Rigetti Computing, with multiple firms issuing "buy" ratings and raising price targets, resulting in a consensus price target of $17.43.

Charles Schwab Investment Management Inc. increased its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 40.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,868,382 shares of the company's stock after purchasing an additional 538,792 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.65% of Rigetti Computing worth $14,798,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in shares of Rigetti Computing in the fourth quarter valued at $46,000. GAMMA Investing LLC raised its position in shares of Rigetti Computing by 1,813.0% during the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after purchasing an additional 3,064 shares during the period. Center for Financial Planning Inc. acquired a new stake in shares of Rigetti Computing during the first quarter worth $30,000. Park Square Financial Group LLC acquired a new stake in shares of Rigetti Computing during the first quarter worth $40,000. Finally, US Bancorp DE raised its position in shares of Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock worth $49,000 after purchasing an additional 1,420 shares during the period. Institutional investors own 35.38% of the company's stock.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 44,355 shares of the business's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $14.85, for a total value of $658,671.75. Following the completion of the sale, the chief technology officer directly owned 730,568 shares of the company's stock, valued at $10,848,934.80. The trade was a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the firm'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 transaction, the director owned 419,756 shares in the company, valued at $6,296,340. This represents a 8.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 113,694 shares of company stock valued at $1,698,130 over the last three months. 1.90% of the stock is owned by insiders.

Rigetti Computing Price Performance

RGTI opened at $14.82 on Friday. The company has a market capitalization of $4.30 billion, a PE ratio of -19.50 and a beta of 1.44. The business has a 50-day moving average of $14.17 and a 200-day moving average of $11.55. Rigetti Computing, Inc. has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Analyst Ratings Changes

Several research firms have issued reports on RGTI. Needham & Company LLC boosted their price objective on Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, August 4th. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. B. Riley upped their price target 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. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research note on Wednesday, August 13th. Finally, Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $17.43.

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.