Rigetti Computing, Inc. (NASDAQ:RGTI) Shares Sold by American Assets Investment Management LLC

American Assets Investment Management LLC trimmed its stake in Rigetti Computing, Inc. (NASDAQ:RGTI) by 48.1% in the first quarter, HoldingsChannel.com reports. The fund owned 3,746,149 shares of the company’s stock after selling 3,475,067 shares during the quarter. Rigetti Computing comprises approximately 2.2% of American Assets Investment Management LLC’s portfolio, making the stock its 9th biggest position. American Assets Investment Management LLC’s holdings in Rigetti Computing were worth $29,670,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in RGTI. Vanguard Group Inc. raised its holdings in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. increased its stake in Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares during the last quarter. UNICOM Systems Inc. increased its stake in Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock valued at $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Rigetti Computing by 418.6% in 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 owned by institutional investors and hedge funds.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 25,000 shares of the business’s stock in a transaction dated 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 owned 853,766 shares of the company’s stock, valued at approximately $12,806,490. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray O. Johnson sold 40,420 shares of the business’s stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

Rigetti Computing Trading Up 11.6%

RGTI stock opened at $15.76 on Tuesday. The stock has a 50-day moving average price of $13.12 and a two-hundred day moving average price of $11.26. 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 $4.58 billion, a PE ratio of -22.51 and a beta of 1.44.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RGTI shares. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Wednesday, July 16th. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price for the company. B. Riley upped their target price on Rigetti Computing from $15.00 to $19.00 and gave the company a “buy” rating in a research note on Wednesday, July 23rd. Finally, Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday, July 16th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $16.00.

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.