Rigetti Computing (NASDAQ:RGTI) Sees Strong Trading Volume - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw an uptick in trading volume on Wednesday . 80,110,685 shares traded hands during mid-day trading, an increase of 43% from the previous session's volume of 56,173,910 shares.The stock last traded at $12.91 and had previously closed at $11.24.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Needham & Company LLC lowered their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Benchmark reaffirmed a "buy" rating and set a $14.00 price objective on shares of Rigetti Computing in a research report on Thursday, May 15th. B. Riley increased their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research report on Friday, February 14th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm's 50-day moving average price is $10.49 and its two-hundred day moving average price is $10.18. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -31.84 and a beta of 1.50.

Institutional Trading of Rigetti Computing

Several large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock worth $112,283,000 after buying an additional 2,430,758 shares in the last quarter. Invesco Ltd. raised its position in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rigetti Computing by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after acquiring an additional 228,391 shares during the last quarter. UNICOM Systems Inc. lifted its stake in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares during the period. Finally, Penserra Capital Management LLC lifted its stake in shares of Rigetti Computing by 41.0% during the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after acquiring an additional 644,455 shares during the period. Institutional investors own 35.38% of the company's stock.

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.