Cetera Investment Advisers Raises Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Cetera Investment Advisers grew its holdings in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 59.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 67,742 shares of the company’s stock after purchasing an additional 25,286 shares during the period. Cetera Investment Advisers’ holdings in Rigetti Computing were worth $537,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $848,000. BNP Paribas Financial Markets purchased a new position in shares of Rigetti Computing during the fourth quarter valued at approximately $316,000. Legal & General Group Plc lifted its holdings in shares of Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company’s stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at approximately $206,000. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Rigetti Computing by 418.6% during the fourth quarter. Nuveen Asset Management LLC now owns 999,617 shares of the company’s stock valued at $15,254,000 after purchasing an additional 806,878 shares during the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Rigetti Computing news, Director Ray O. Johnson sold 40,420 shares of Rigetti Computing 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 owned 419,756 shares of the company’s stock, valued at approximately $6,296,340. The trade was a 8.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Michael S. Clifton sold 25,000 shares of Rigetti Computing stock in a transaction that occurred on 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 sale, the director directly owned 853,766 shares of the company’s stock, valued at approximately $12,806,490. This trade represents a 2.84% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.90% of the company’s stock.

Rigetti Computing Trading Down 7.4%

NASDAQ:RGTI opened at $16.65 on Friday. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month high of $21.42. The company has a market cap of $4.83 billion, a PE ratio of -21.91 and a beta of 1.44. The company has a 50 day simple moving average of $13.83 and a two-hundred day simple moving average of $11.49.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RGTI. Cantor Fitzgerald began 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. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a report on Wednesday, July 16th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday, July 16th. Needham & Company LLC boosted their price objective 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. Finally, Benchmark restated a “buy” rating and issued a $20.00 price objective (up from $14.00) on shares of Rigetti Computing in a report on Wednesday. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $17.43.

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.