Allworth Financial LP Sells 2,251 Shares of Rigetti Computing, Inc. (NASDAQ:RGTI)

Allworth Financial LP cut its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 19.4% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,353 shares of the company’s stock after selling 2,251 shares during the period. Allworth Financial LP’s holdings in Rigetti Computing were worth $74,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RGTI. Charles Schwab Investment Management Inc. grew its holdings in Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock worth $20,290,000 after purchasing an additional 179,656 shares during the period. Victory Capital Management Inc. raised its position in shares of Rigetti Computing by 31.1% during the fourth quarter. Victory Capital Management Inc. now owns 25,145 shares of the company’s stock valued at $384,000 after buying an additional 5,960 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Rigetti Computing in the 4th quarter worth approximately $2,396,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter worth about $28,000. Finally, Avantax Advisory Services Inc. bought a new stake in Rigetti Computing in the fourth quarter worth about $1,149,000. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Price Performance

Rigetti Computing stock opened at $17.14 on Friday. The company’s fifty day moving average price is $12.30 and its two-hundred day moving average price is $11.09. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of -24.49 and a beta of 1.43. Rigetti Computing, Inc. has a one year low of $0.66 and a one year high of $21.42.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price for the company. Needham & Company LLC reduced their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Wednesday. Finally, Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $14.83.

Insider Activity

In related news, Director Michael S. Clifton sold 25,000 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 transaction of $375,000.00. Following the completion of the transaction, the director owned 853,766 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Ray O. Johnson sold 40,420 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is currently 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.