Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.1% - What's Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded down 2.1% during trading on Tuesday . The stock traded as low as $11.78 and last traded at $11.91. 13,242,654 shares changed hands during trading, a decline of 77% from the average session volume of 57,290,001 shares. The stock had previously closed at $12.16.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RGTI shares. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Needham & Company LLC decreased their price target on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Stock Performance

The stock has a market capitalization of $3.33 billion, a PE ratio of -30.20 and a beta of 1.50. The stock has a 50 day moving average of $10.73 and a two-hundred day moving average of $10.48. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Institutional Trading of Rigetti Computing

A number of hedge funds and other institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares during the last quarter. Invesco Ltd. lifted 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 purchasing an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC boosted its position in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after purchasing an additional 228,391 shares during the period. UNICOM Systems Inc. grew its stake in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares during the last quarter. Finally, Penserra Capital Management LLC lifted its stake in Rigetti Computing by 41.0% in the first quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after buying an additional 644,455 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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