Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.6% - Here's Why

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RGTI shares. Benchmark reissued a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Needham & Company LLC cut their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Finally, Cantor Fitzgerald initiated coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price on the stock. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has a consensus rating of "Buy" and an average price target of $14.20.

Rigetti Computing Stock Performance

The business has a fifty day moving average price of $11.52 and a 200 day moving average price of $11.02. The company has a market capitalization of $3.78 billion, a PE ratio of -18.64 and a beta of 1.43.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake 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 worth $112,283,000 after acquiring an additional 2,430,758 shares in the last quarter. Invesco Ltd. lifted its position in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after acquiring an additional 4,518,978 shares during the last quarter. Geode Capital Management LLC grew its position in Rigetti Computing by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock worth $58,767,000 after purchasing an additional 228,391 shares during the last quarter. UNICOM Systems Inc. boosted its stake in Rigetti Computing by 1,235.8% during the first 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 in the last quarter. Finally, Penserra Capital Management LLC grew its stake in shares of Rigetti Computing by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after purchasing an additional 644,455 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

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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