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Rigetti Computing (NASDAQ:RGTI) Trading Down 2.6% - Time to Sell?

Rigetti Computing logo with Computer and Technology background

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares dropped 2.6% during trading on Monday . The company traded as low as $12.42 and last traded at $13.10. Approximately 19,055,316 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 59,009,652 shares. The stock had previously closed at $13.45.

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of research analyst reports. Needham & Company LLC lowered their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Cantor Fitzgerald started coverage on 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, 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. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $14.20.

Get Our Latest Report on Rigetti Computing

Rigetti Computing Stock Performance

The company has a market cap of $3.99 billion, a P/E ratio of -19.64 and a beta of 1.43. The stock has a 50-day moving average of $11.61 and a two-hundred day moving average of $11.05.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. raised its stake in shares of Rigetti Computing by 7,367.2% in the fourth 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. UNICOM Systems Inc. raised its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after purchasing an additional 2,055,203 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Rigetti Computing in the first quarter worth $6,523,000. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Company Profile

(Get Free Report)

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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