Thoroughbred Financial Services LLC Has $518,000 Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Thoroughbred Financial Services LLC lifted its position in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 469.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 65,450 shares of the company's stock after purchasing an additional 53,950 shares during the period. Thoroughbred Financial Services LLC's holdings in Rigetti Computing were worth $518,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in 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 position in shares of Rigetti Computing during the 1st quarter worth approximately $30,000. Park Square Financial Group LLC bought a new stake in Rigetti Computing in the 1st quarter valued at $40,000. Orion Capital Management LLC acquired a new stake in Rigetti Computing during the 4th quarter valued at $46,000. Finally, US Bancorp DE boosted its position in 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. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Stock Down 2.9%

Shares of RGTI opened at $15.99 on Thursday. The business has a 50-day simple moving average of $13.20 and a two-hundred day simple moving average of $11.32. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The stock has a market cap of $4.64 billion, a PE ratio of -22.84 and a beta of 1.44.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. B. Riley raised their target price on shares of 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 price objective on shares of Rigetti Computing in a research report on Wednesday, July 16th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 target price (up previously from $15.00) on shares of Rigetti Computing in a research report on Monday. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price target for the company. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $16.00.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 25,000 shares of the 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 in the company, valued at $12,806,490. This represents a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing 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 in the company, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

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.

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