Rigetti Computing (NASDAQ:RGTI) Shares Up 6% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares shot up 6% on Monday . The stock traded as high as $11.85 and last traded at $11.74. 16,715,895 shares changed hands during trading, a decline of 79% from the average session volume of 77,946,898 shares. The stock had previously closed at $11.07.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Needham & Company LLC cut 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. Benchmark reissued a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Stock Up 6.1%

The company's 50-day moving average is $11.15 and its two-hundred day moving average is $10.89. The company has a market capitalization of $3.41 billion, a P/E ratio of -16.78 and a beta of 1.50.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently made changes to their positions in RGTI. Rhumbline Advisers raised its position in Rigetti Computing by 15.8% during the fourth quarter. Rhumbline Advisers now owns 234,075 shares of the company's stock valued at $3,572,000 after purchasing an additional 31,895 shares in the last quarter. New York State Common Retirement Fund increased its position in shares of Rigetti Computing by 90.6% during the 4th quarter. New York State Common Retirement Fund now owns 32,600 shares of the company's stock valued at $497,000 after purchasing an additional 15,500 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Rigetti Computing by 27.4% during the 4th quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company's stock valued at $6,817,000 after buying an additional 96,099 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in Rigetti Computing by 31.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 19,765 shares of the company's stock worth $302,000 after buying an additional 4,765 shares during the last quarter. Finally, US Bancorp DE bought a new stake in Rigetti Computing in the 4th quarter worth approximately $74,000. 35.38% of the stock is owned by institutional investors.

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.

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