Rigetti Computing (NASDAQ:RGTI) Shares Down 1.6% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) fell 1.6% during mid-day trading on Tuesday . The company traded as low as $13.57 and last traded at $13.53. 15,418,117 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 58,960,338 shares. The stock had previously closed at $13.75.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RGTI. Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 target price on the stock. Benchmark restated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Needham & Company LLC decreased their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.20.

Rigetti Computing Stock Down 6.4%

The firm has a market cap of $3.54 billion, a price-to-earnings ratio of -17.54 and a beta of 1.43. The company has a 50-day moving average price of $11.87 and a 200 day moving average price of $11.10.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently bought and sold shares of the company. California State Teachers Retirement System boosted its position in Rigetti Computing by 12.7% during the fourth quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE boosted its position in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after purchasing an additional 1,420 shares during the last quarter. Signaturefd LLC acquired a new stake in Rigetti Computing during the fourth quarter valued at $25,000. Amalgamated Bank boosted its position in Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in Rigetti Computing by 14.9% during the fourth quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company's stock.

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.