Rigetti Computing (NASDAQ:RGTI) Stock Price Up 6.1% - Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price was up 6.1% during trading on Tuesday . The company traded as high as $11.59 and last traded at $11.45. Approximately 14,512,933 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 57,709,322 shares. The stock had previously closed at $10.79.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RGTI shares. Needham & Company LLC dropped their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Benchmark restated a "buy" rating and issued a $14.00 price objective 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 report on Thursday, March 6th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $14.00.

Rigetti Computing Price Performance

The firm has a fifty day simple moving average of $10.93 and a 200 day simple moving average of $10.75. The company has a market cap of $3.34 billion, a price-to-earnings ratio of -16.43 and a beta of 1.50.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently modified their holdings of the business. Voya Investment Management LLC grew its stake in shares of Rigetti Computing by 8.8% in the first quarter. Voya Investment Management LLC now owns 50,588 shares of the company's stock worth $401,000 after acquiring an additional 4,075 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Rigetti Computing by 17.0% in the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock worth $2,169,000 after acquiring an additional 39,743 shares during the last quarter. Focus Partners Wealth grew its stake in shares of Rigetti Computing by 91.9% in the first quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock worth $323,000 after acquiring an additional 19,544 shares during the last quarter. Flaharty Asset Management LLC acquired a new stake in shares of Rigetti Computing in the first quarter worth $63,000. Finally, Integrity Alliance LLC. acquired a new stake in shares of Rigetti Computing in the first quarter worth $148,000. 35.38% of the stock is owned by 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.