Wealthedge Investment Advisors LLC Purchases Shares of 21,829 Rigetti Computing, Inc. $RGTI

Key Points

• Wealthedge Investment Advisors LLC acquired 21,829 shares of Rigetti Computing valued at approximately $173,000 in the first quarter, marking a new investment position in the company.
• Several institutional investors, including American Century Companies Inc. and Nuveen LLC, significantly increased their stakes in Rigetti Computing, indicating strong interest in the stock.
• Wall Street analysts have set a consensus target price of $17.43 for Rigetti Computing, with six analysts rating it a "buy."

Wealthedge Investment Advisors LLC acquired a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 21,829 shares of the company's stock, valued at approximately $173,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. purchased a new position in Rigetti Computing during the fourth quarter worth about $456,000. Bank of Montreal Can purchased a new position in Rigetti Computing during the fourth quarter worth about $341,000. Legal & General Group Plc grew its position in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock worth $214,000 after buying an additional 1,817 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Rigetti Computing during the fourth quarter worth about $2,396,000. Finally, Sterling Capital Management LLC boosted its holdings in shares of Rigetti Computing by 1,006.2% in the 4th quarter. Sterling Capital Management LLC now owns 4,967 shares of the company's stock worth $76,000 after purchasing an additional 4,518 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. B. Riley upped their price objective on Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. Industrial Alliance Securities set a $18.00 price objective on Rigetti Computing in a report on Wednesday, July 16th. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective for the company. Williams Trading set a $20.00 price objective on Rigetti Computing in a report on Wednesday. Finally, Needham & Company LLC upped 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $17.43.

Rigetti Computing Stock Performance

RGTI stock traded down $1.33 during trading on Friday, hitting $16.65. 48,268,180 shares of the company traded hands, compared to its average volume of 39,146,072. The firm has a market capitalization of $4.83 billion, a PE ratio of -21.91 and a beta of 1.44. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a 50-day moving average of $13.83 and a 200-day moving average of $11.48.

Insider Activity

In related news, Director Ray O. Johnson sold 40,420 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $15.00, for a total transaction of $606,300.00. Following the completion of the sale, the director directly owned 419,756 shares in the company, valued at $6,296,340. This represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael S. Clifton sold 25,000 shares of the stock in a transaction dated Wednesday, July 16th. The shares were 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. This represents a 2.84% decrease in their ownership of the stock. The disclosure for this sale can be found here.

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.