Swiss National Bank Invests $3.66 Million in Rigetti Computing, Inc. $RGTI

Key Points

• The Swiss National Bank acquired a new stake in Rigetti Computing, purchasing 461,800 shares valued at approximately $3.66 million, representing 0.16% ownership in the company.
• In addition to the Swiss National Bank, several hedge funds, including Mitsubishi UFJ Asset Management and Charles Schwab Investment Management, increased their positions in Rigetti during the first quarter, indicating growing institutional interest.
• Analysts have a consensus buy rating on Rigetti Computing with target prices ranging from $15.00 to $20.00, reflecting a positive outlook on the company's growth potential in the quantum computing sector.

Swiss National Bank purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 461,800 shares of the company's stock, valued at approximately $3,657,000. Swiss National Bank owned approximately 0.16% of Rigetti Computing at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RGTI. GAMMA Investing LLC increased its holdings 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 valued at $26,000 after acquiring an additional 3,064 shares in the last quarter. Center for Financial Planning Inc. purchased a new stake in shares of Rigetti Computing during the first quarter valued at $30,000. Park Square Financial Group LLC purchased a new stake in shares of Rigetti Computing during the first quarter valued at $40,000. Orion Capital Management LLC purchased a new stake in shares of Rigetti Computing during the fourth quarter valued at $46,000. Finally, US Bancorp DE boosted 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 valued at $49,000 after buying an additional 1,420 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Stock Up 3.9%

NASDAQ:RGTI traded up $0.55 on Friday, hitting $14.82. The stock had a trading volume of 29,653,087 shares, compared to its average volume of 69,732,070. The stock has a market cap of $4.30 billion, a price-to-earnings ratio of -19.50 and a beta of 1.44. The business's 50-day simple moving average is $14.11 and its two-hundred day simple moving average is $11.56. Rigetti Computing, Inc. has a 52-week low of $0.66 and a 52-week high of $21.42.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total value of $606,300.00. Following the transaction, the director directly owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 853,766 shares in the company, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,694 shares of company stock valued at $1,698,130. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on RGTI shares. 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 report on Monday, August 4th. Benchmark increased their price objective on Rigetti Computing from $14.00 to $20.00 and gave the company a "buy" rating in a research report on Wednesday, August 13th. 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 report on Wednesday, July 23rd. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald started coverage on 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 investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $17.43.

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.