Rigetti Computing (NASDAQ:RGTI) Stock Price Down 2.6% - What's Next?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 2.6% on Monday . The stock 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.

Analyst Ratings Changes

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

Rigetti Computing Trading Down 3.6%

The company has a market cap of $3.78 billion, a PE ratio of -18.61 and a beta of 1.43. The company's 50 day moving average is $11.79 and its 200 day moving average is $11.08.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in RGTI. Signaturefd LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $25,000. GAMMA Investing LLC increased its position in Rigetti Computing by 1,813.0% during the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock valued at $26,000 after purchasing an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing during the 4th quarter valued at about $28,000. Center for Financial Planning Inc. purchased a new position in Rigetti Computing during the 1st quarter valued at about $30,000. Finally, Quarry LP purchased a new position in Rigetti Computing during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors 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.