Zurcher Kantonalbank Zurich Cantonalbank Acquires New Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Key Points

• Zurcher Kantonalbank has acquired a new position in Rigetti Computing, Inc., purchasing 69,170 shares valued at approximately $548,000 in Q1.
• Institutional investors have increased their interest in Rigetti, with several firms significantly modifying their holdings in recent months, contributing to 35.38% of the stock being owned by these investors.
• Analysts are optimistic about Rigetti, with multiple firms setting new price targets between $14.00 and $19.00, resulting in a consensus average target price of $16.00 and an overall "buy" rating.

Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 69,170 shares of the company's stock, valued at approximately $548,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Orion Capital Management LLC purchased a new position in Rigetti Computing during the 4th quarter worth approximately $46,000. GAMMA Investing LLC raised 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 buying an additional 3,064 shares during the last quarter. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the 1st quarter worth approximately $30,000. Sterling Capital Management LLC raised its position in Rigetti Computing by 1,006.2% during the 4th quarter. Sterling Capital Management LLC now owns 4,967 shares of the company's stock worth $76,000 after buying an additional 4,518 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Rigetti Computing during the 1st quarter worth approximately $40,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Rigetti Computing

In related news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing stock in a transaction 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 sale, the director owned 419,756 shares of the company's stock, valued at approximately $6,296,340. This trade represents a 8.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $15.00, for a total transaction 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 position. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley raised their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the stock a "buy" rating in a research report on Wednesday, July 23rd. Needham & Company LLC raised their price target on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday. Industrial Alliance Securities set a $18.00 target price on shares of Rigetti Computing in a report on Wednesday, July 16th. Finally, 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 for the company. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $16.00.

Rigetti Computing Price Performance

NASDAQ:RGTI opened at $15.66 on Friday. The firm has a market cap of $4.55 billion, a price-to-earnings ratio of -22.37 and a beta of 1.44. The company has a 50 day moving average price of $13.25 and a 200-day moving average price of $11.36. Rigetti Computing, Inc. has a 1-year low of $0.66 and a 1-year high of $21.42.

Rigetti Computing 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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