Wealthedge Investment Advisors LLC Purchases New Position in Rigetti Computing, Inc. (NASDAQ:RGTI)

Wealthedge Investment Advisors LLC purchased a new stake in Rigetti Computing, Inc. (NASDAQ:RGTI) in the 1st quarter, HoldingsChannel reports. The firm purchased 21,829 shares of the company’s stock, valued at approximately $173,000.

Several other large investors have also made changes to their positions in the company. Envestnet Asset Management Inc. acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $456,000. Bank of Montreal Can acquired a new stake in Rigetti Computing in the 4th quarter worth approximately $341,000. Legal & General Group Plc lifted its holdings in Rigetti Computing by 14.9% in 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 in the 4th quarter worth approximately $2,396,000. Finally, Sterling Capital Management LLC lifted its holdings in Rigetti Computing by 1,006.2% in the 4th quarter. Sterling Capital Management LLC now owns 4,967 shares of the company’s stock worth $76,000 after purchasing an additional 4,518 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Cantor Fitzgerald assumed coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 target price for the company. Industrial Alliance Securities set a $18.00 target price on 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. Benchmark restated a “buy” rating and issued a $20.00 target price (up from $14.00) on shares of Rigetti Computing in a report on Wednesday. Finally, Williams Trading set a $20.00 target price on Rigetti Computing in a report on Wednesday. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $17.43.

Rigetti Computing Stock Down 7.4%

Shares of RGTI stock 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 firm has a market cap of $4.83 billion, a PE ratio of -21.91 and a beta of 1.44. The stock has a 50 day moving average of $13.83 and a 200-day moving average of $11.50.

Insider Buying and Selling

In other news, Director Ray O. Johnson sold 40,420 shares of the company’s 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 $606,300.00. Following the completion of the transaction, the director directly owned 419,756 shares in the company, valued at $6,296,340. The trade was a 8.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael S. Clifton sold 25,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 1.90% of the stock is owned by 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.