Rigetti Computing (NASDAQ:RGTI) Shares Down 2.7% - Here's What Happened

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.

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

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.