Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Acquired by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. significantly increased its stake in Rigetti Computing by acquiring 162,107 shares, raising its holdings by 644.7% to a total of 187,252 shares valued at approximately $1.48 million.
• Several hedge funds, including Vanguard Group Inc. and Invesco Ltd., also made substantial increases in their holdings of Rigetti Computing, reflecting growing institutional interest in the company.
• Rigetti Computing's stock recently experienced a decline of 7.1%, with a current market cap of $4.20 billion and an average price target from analysts set at $15.50.

Victory Capital Management Inc. grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 644.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,252 shares of the company's stock after purchasing an additional 162,107 shares during the period. Victory Capital Management Inc. owned approximately 0.07% of Rigetti Computing worth $1,483,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Rigetti Computing by 1,813.0% during the 1st 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 1st quarter valued at about $30,000. Park Square Financial Group LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at about $40,000. Orion Capital Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $46,000. Finally, Amalgamated Bank grew its position in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after acquiring an additional 1,622 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of analyst reports. B. Riley raised their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a "buy" rating in a research report on Wednesday, July 23rd. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research note on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price target on the stock. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Six 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 $15.50.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI traded down $0.38 during midday trading on Friday, reaching $14.12. 31,898,944 shares of the stock were exchanged, compared to its average volume of 72,942,688. The company has a 50 day simple moving average of $13.08 and a 200 day simple moving average of $11.18. The stock has a market capitalization of $4.10 billion, a P/E ratio of -20.17 and a beta of 1.43. Rigetti Computing, Inc. has a twelve month low of $0.66 and a twelve month high of $21.42.

Insider Buying and Selling

In other Rigetti Computing news, 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 sale, the director owned 853,766 shares of the company's stock, valued at $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ray O. Johnson sold 40,420 shares of the business'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 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 disclosure for this sale can be found here. 1.90% of the stock is owned by company insiders.

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.