Rigetti Computing (NASDAQ:RGTI) Stock Price Up 2.2% - Here's Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) traded up 2.2% during mid-day trading on Thursday . The company traded as high as $11.52 and last traded at $11.34. 8,829,910 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 57,892,405 shares. The stock had previously closed at $11.09.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Needham & Company LLC cut their target price 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. Benchmark reiterated a "buy" rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $14.00.

Rigetti Computing Price Performance

The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of -15.87 and a beta of 1.50. The business has a fifty day moving average price of $11.10 and a 200 day moving average price of $10.80.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Voya Investment Management LLC increased its holdings in shares of Rigetti Computing by 8.8% during the first quarter. Voya Investment Management LLC now owns 50,588 shares of the company's stock valued at $401,000 after purchasing an additional 4,075 shares during the period. Rhumbline Advisers increased its holdings in shares of Rigetti Computing by 17.0% during the first quarter. Rhumbline Advisers now owns 273,818 shares of the company's stock valued at $2,169,000 after purchasing an additional 39,743 shares during the period. Focus Partners Wealth increased its holdings in shares of Rigetti Computing by 91.9% during the first quarter. Focus Partners Wealth now owns 40,814 shares of the company's stock valued at $323,000 after purchasing an additional 19,544 shares during the period. Flaharty Asset Management LLC acquired a new position in Rigetti Computing during the first quarter worth about $63,000. Finally, Integrity Alliance LLC. acquired a new position in Rigetti Computing during the first quarter worth about $148,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.