Rigetti Computing (NASDAQ:RGTI) Trading Down 1.3% - Time to Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares were down 1.3% during mid-day trading on Friday . The stock traded as low as $11.13 and last traded at $11.20. Approximately 9,371,834 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 80,191,859 shares. The stock had previously closed at $11.35.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RGTI shares. Needham & Company LLC dropped their price objective 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. Benchmark reissued a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Five research 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 an average target price of $14.00.

Rigetti Computing Stock Performance

The company has a market capitalization of $3.27 billion, a PE ratio of -16.11 and a beta of 1.50. The firm's 50-day simple moving average is $10.85 and its 200 day simple moving average is $10.55.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its position in shares of Rigetti Computing by 15.8% in the 4th quarter. Rhumbline Advisers now owns 234,075 shares of the company's stock worth $3,572,000 after buying an additional 31,895 shares in the last quarter. Allworth Financial LP boosted its position in shares of Rigetti Computing by 14.9% in the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock worth $161,000 after buying an additional 1,504 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Rigetti Computing by 90.6% in the 4th quarter. New York State Common Retirement Fund now owns 32,600 shares of the company's stock worth $497,000 after buying an additional 15,500 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth about $193,000. Finally, Private Advisor Group LLC purchased a new stake in shares of Rigetti Computing in the 4th quarter worth about $1,267,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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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