Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares fell 2.7% during trading on Wednesday . The company traded as low as $12.83 and last traded at $13.01. 15,461,531 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 59,088,660 shares. The stock had previously closed at $13.38.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. 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. 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. Finally, Cantor Fitzgerald began coverage on Rigetti Computing in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 price objective for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $14.20.
Read Our Latest Research Report on RGTI
Rigetti Computing Stock Performance
The stock has a 50 day moving average price of $11.79 and a 200 day moving average price of $11.08. The company has a market cap of $3.94 billion, a P/E ratio of -19.43 and a beta of 1.43.
Hedge Funds Weigh In On Rigetti Computing
A number of hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. grew its holdings in shares of Rigetti Computing by 81.7% in the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after acquiring an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Rigetti Computing by 7,367.2% in the 4th 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. grew its holdings in shares of Rigetti Computing by 1,235.8% in the 1st 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. grew its holdings in shares of Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Rigetti Computing during the first quarter valued at $6,523,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.
Rigetti Computing Company Profile
(
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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