XTX Topco Ltd Purchases 15,576 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Key Points

• XTX Topco Ltd significantly increased its stake in Rigetti Computing by 155.4% during the first quarter, now holding 25,596 shares valued at $203,000.
• Multiple institutional investors continuously enhanced their positions in Rigetti Computing, with notable increases of 937.6% and 11.5% from other investors in the last quarter.
• Rigetti Computing's stock received positive analyst ratings, including an "overweight" rating from Cantor Fitzgerald and target price increases to $20.00 from Benchmark and Needham & Company.

XTX Topco Ltd raised its stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) by 155.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 25,596 shares of the company's stock after purchasing an additional 15,576 shares during the period. XTX Topco Ltd's holdings in Rigetti Computing were worth $203,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company bought a new stake in Rigetti Computing in the fourth quarter valued at $848,000. Alliancebernstein L.P. boosted its holdings in Rigetti Computing by 11.5% during the fourth quarter. Alliancebernstein L.P. now owns 155,480 shares of the company's stock worth $2,373,000 after purchasing an additional 15,980 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in Rigetti Computing during the fourth quarter worth about $316,000. Legal & General Group Plc boosted its holdings 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 purchasing an additional 1,817 shares during the last quarter. Finally, Janney Montgomery Scott LLC purchased a new position in Rigetti Computing in the first quarter valued at about $206,000. 35.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RGTI shares. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Needham & Company LLC increased their price target on shares of 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 reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $20.00 price objective (up previously from $14.00) on shares of Rigetti Computing in a research note on Wednesday. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $17.43.

Rigetti Computing Trading Up 4.3%

Shares of NASDAQ:RGTI traded up $0.74 on Thursday, hitting $17.98. The company had a trading volume of 63,315,989 shares, compared to its average volume of 40,533,604. The firm's 50-day simple moving average is $13.58 and its two-hundred day simple moving average is $11.44. Rigetti Computing, Inc. has a 1 year low of $0.66 and a 1 year high of $21.42.

Insider Activity

In related news, Director Ray O. Johnson sold 40,420 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 $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. This trade represents a 8.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 25,000 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 $375,000.00. Following the completion of the transaction, the director owned 853,766 shares of the company's stock, valued at approximately $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. 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.