Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price dropped 2.7% on Wednesday . The company traded as low as $12.83 and last traded at $13.01. Approximately 15,461,531 shares traded hands during trading, a decline of 74% from the average daily volume of 59,088,660 shares. The stock had previously closed at $13.38.
Analysts Set New Price Targets
RGTI has been the subject of a number of research analyst reports. 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. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Finally, Needham & Company LLC lowered their price objective on shares of 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 equities research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing has a consensus rating of "Buy" and a consensus price target of $14.20.
View Our Latest Stock Report on RGTI
Rigetti Computing Stock Performance
The firm has a market capitalization of $3.92 billion, a PE ratio of -19.30 and a beta of 1.43. The company's 50-day moving average price is $11.70 and its 200-day moving average price is $11.07.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Bank of New York Mellon Corp lifted its position in Rigetti Computing by 27.4% in the fourth quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company's stock valued at $6,817,000 after acquiring an additional 96,099 shares during the last quarter. US Bancorp DE purchased a new stake in Rigetti Computing in the fourth quarter valued at $74,000. Jones Financial Companies Lllp purchased a new stake in Rigetti Computing in the fourth quarter valued at $50,000. Steward Partners Investment Advisory LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at $83,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company's stock valued at $20,290,000 after acquiring an additional 179,656 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.
About Rigetti Computing
(
Get Free Report)
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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