Rigetti Computing (NASDAQ:RGTI) Shares Down 1.1% - Here's What Happened

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 1.1% during trading on Thursday . The company traded as low as $11.14 and last traded at $11.35. Approximately 29,977,434 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 57,693,121 shares. The stock had previously closed at $11.48.

Wall Street Analysts Forecast Growth

RGTI has been the topic of several research analyst reports. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Needham & Company LLC decreased their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, Benchmark reaffirmed a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Stock Performance

The stock has a market cap of $3.30 billion, a price-to-earnings ratio of -16.21 and a beta of 1.50. The firm's 50-day simple moving average is $10.81 and its two-hundred day simple moving average is $10.49.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after buying an additional 5,280,128 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. UNICOM Systems Inc. raised its position 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 worth $30,151,000 after acquiring an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares during the period. Finally, Nuveen LLC bought a new position in Rigetti Computing in the first quarter valued at about $6,523,000. 35.38% of the stock is owned by institutional investors.

Rigetti Computing Company 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.

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