Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.4% - Here's What Happened

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) were down 1.4% during trading on Tuesday . The stock traded as low as $12.54 and last traded at $12.60. Approximately 8,967,108 shares changed hands during trading, a decline of 85% from the average daily volume of 59,275,734 shares. The stock had previously closed at $12.77.

Wall Street Analyst Weigh In

RGTI has been the topic of a number of recent research reports. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They issued an "overweight" rating and a $15.00 price objective on the stock. Needham & Company LLC lowered their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing currently has an average rating of "Buy" and a consensus price target of $14.20.

Rigetti Computing Stock Down 0.9%

The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -17.98 and a beta of 1.43. The stock's fifty day moving average is $11.96 and its two-hundred day moving average is $11.04.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RGTI. California State Teachers Retirement System lifted its holdings in Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after purchasing an additional 1,301 shares during the last quarter. US Bancorp DE boosted its holdings in Rigetti Computing by 29.4% in the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after purchasing an additional 1,420 shares during the period. Signaturefd LLC bought a new stake in Rigetti Computing in the 4th quarter valued at about $25,000. Amalgamated Bank boosted its holdings in Rigetti Computing by 33.1% in the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after purchasing an additional 1,817 shares during the period. 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.

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