Strategic Advocates LLC Invests $267,000 in Rigetti Computing, Inc. (NASDAQ:RGTI)

Strategic Advocates LLC purchased a new stake in shares of Rigetti Computing, Inc. (NASDAQ:RGTI) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 17,468 shares of the company’s stock, valued at approximately $267,000.

A number of other institutional investors have also recently added to or reduced their stakes in RGTI. Penserra Capital Management LLC grew its stake in Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after purchasing an additional 407,389 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the last quarter. State Street Corp grew its position in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after acquiring an additional 309,831 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after acquiring an additional 144,742 shares during the last quarter. Finally, Jane Street Group LLC raised its position in shares of Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after acquiring an additional 47,013 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI opened at $12.30 on Friday. Rigetti Computing, Inc. has a 12-month low of $0.66 and a 12-month high of $21.42. The stock has a 50 day simple moving average of $9.61 and a 200-day simple moving average of $4.01. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent research reports. Craig Hallum initiated coverage on shares of Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley increased their price objective on shares of Rigetti Computing from $4.00 to $8.50 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $5.70.

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.