Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.6% - Should You Sell?

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) dropped 3.6% during trading on Friday . The company traded as low as $12.52 and last traded at $12.56. Approximately 9,557,994 shares traded hands during trading, a decline of 84% from the average daily volume of 59,145,056 shares. The stock had previously closed at $13.03.

Analysts Set New Price Targets

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

Rigetti Computing Trading Down 6.5%

The business has a fifty day moving average of $11.90 and a 200-day moving average of $11.10. The firm has a market cap of $3.54 billion, a PE ratio of -17.40 and a beta of 1.43.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC bought a new position in shares of Rigetti Computing during the 4th quarter valued at about $25,000. GAMMA Investing LLC grew its position in shares of Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company's stock worth $26,000 after buying an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth approximately $28,000. Center for Financial Planning Inc. purchased a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $30,000. Finally, Quarry LP purchased a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $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.