Rigetti Computing (NASDAQ:RGTI) Shares Down 2.7% - Time to Sell?

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.

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

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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