Vanguard Group Inc. Acquires 2,430,758 Shares of Rigetti Computing, Inc. $RGTI

Vanguard Group Inc. raised its holdings in Rigetti Computing, Inc. (NASDAQ:RGTI) by 20.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,177,119 shares of the company’s stock after buying an additional 2,430,758 shares during the period. Vanguard Group Inc. owned about 4.96% of Rigetti Computing worth $112,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. acquired a new position in shares of Rigetti Computing in the fourth quarter valued at approximately $456,000. Legal & General Group Plc lifted its holdings in Rigetti Computing by 14.9% during the 4th 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. Raymond James Financial Inc. acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $2,396,000. Barclays PLC lifted its holdings in Rigetti Computing by 27.5% during the 4th quarter. Barclays PLC now owns 237,094 shares of the company’s stock worth $3,618,000 after purchasing an additional 51,135 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Rigetti Computing by 43.2% during the 4th quarter. NewEdge Advisors LLC now owns 8,594 shares of the company’s stock worth $131,000 after purchasing an additional 2,594 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RGTI. Williams Trading set a $20.00 price target on shares of Rigetti Computing in a research note on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research note on Wednesday, July 16th. B. Riley upped their price target on shares of Rigetti Computing from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Finally, Benchmark upped their price target on shares of Rigetti Computing from $14.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, August 13th. Six analysts have rated the stock with a Buy rating, According to data from MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus price target of $17.43.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the firm’s stock in a transaction on Wednesday, July 16th. The stock was 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 approximately $12,806,490. This trade represents a 2.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the firm’s stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $14.84, for a total value of $58,157.96. Following the completion of the sale, the chief financial officer directly owned 183,581 shares in the company, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,694 shares of company stock worth $1,698,130. 1.90% of the stock is owned by company insiders.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $14.82 on Friday. The company has a market capitalization of $4.30 billion, a P/E ratio of -19.50 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 business’s 50 day simple moving average is $14.17 and its 200 day simple moving average is $11.57.

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.