Cresset Asset Management LLC Buys 21,601 Shares of Rigetti Computing, Inc. $RGTI

Cresset Asset Management LLC increased its stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) by 60.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 57,521 shares of the company’s stock after buying an additional 21,601 shares during the period. Cresset Asset Management LLC’s holdings in Rigetti Computing were worth $456,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of RGTI. Wealthedge Investment Advisors LLC acquired a new stake in Rigetti Computing in the 1st quarter worth about $173,000. American Century Companies Inc. raised its stake in Rigetti Computing by 1,309.0% in the 1st quarter. American Century Companies Inc. now owns 573,022 shares of the company’s stock worth $4,538,000 after purchasing an additional 532,352 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Rigetti Computing in the 1st quarter worth about $960,000. Independent Advisor Alliance acquired a new stake in Rigetti Computing in the 1st quarter worth about $141,000. Finally, Nuveen LLC acquired a new stake in Rigetti Computing in the 1st quarter worth about $6,523,000. Institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on RGTI shares. Benchmark lifted their price objective on shares of Rigetti Computing from $14.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, August 13th. Williams Trading set a $20.00 price objective on shares of Rigetti Computing in a research note on Wednesday, August 13th. Industrial Alliance Securities set a $18.00 price objective on shares of Rigetti Computing in a research note on Wednesday, July 16th. Needham & Company LLC lifted their price objective on shares of Rigetti Computing from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, August 4th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $17.43.

Insider Activity

In other 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 value of $375,000.00. Following the completion of the transaction, the director directly owned 853,766 shares in the company, valued at approximately $12,806,490. The trade was a 2.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jeffrey A. Bertelsen sold 3,919 shares of the company’s stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $14.84, for a total transaction of $58,157.96. Following the transaction, the chief financial officer owned 183,581 shares of the company’s stock, valued at approximately $2,724,342.04. This represents a 2.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 113,694 shares of company stock valued at $1,698,130 over the last quarter.

Rigetti Computing Trading Up 3.9%

Shares of NASDAQ:RGTI opened at $14.82 on Monday. The firm has a 50 day moving average of $14.17 and a 200-day moving average of $11.54. The stock has a market capitalization of $4.80 billion, a PE ratio of -19.50 and a beta of 1.44. Rigetti Computing, Inc. has a 12 month low of $0.66 and a 12 month 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.