Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report)'s stock price shot up 7.7% during trading on Wednesday . The company traded as high as $12.43 and last traded at $12.21. 23,126,673 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 58,424,023 shares. The stock had previously closed at $11.33.
Analyst Upgrades and Downgrades
A number of brokerages have commented on RGTI. 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. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday. They issued an "overweight" rating and a $15.00 target price for the company. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Finally, Needham & Company LLC lowered their target price on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $14.20.
View Our Latest Report on Rigetti Computing
Rigetti Computing Stock Performance
The business's fifty day moving average is $11.36 and its two-hundred day moving average is $10.94. The company has a market cap of $3.80 billion, a P/E ratio of -18.69 and a beta of 1.43.
Institutional Investors Weigh In On Rigetti Computing
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 20.7% during the 1st quarter. Vanguard Group Inc. now owns 14,177,119 shares of the company's stock valued at $112,283,000 after buying an additional 2,430,758 shares in the last quarter. Invesco Ltd. lifted its holdings in Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after buying an additional 4,518,978 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 3,850,220 shares of the company's stock valued at $58,767,000 after buying an additional 228,391 shares in the last quarter. UNICOM Systems Inc. lifted its holdings in Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after buying an additional 3,521,935 shares in the last quarter. Finally, Penserra Capital Management LLC lifted its holdings in Rigetti Computing by 41.0% during the 1st quarter. Penserra Capital Management LLC now owns 2,215,671 shares of the company's stock valued at $17,548,000 after buying an additional 644,455 shares in the last quarter. Institutional investors own 35.38% of the company's stock.
Rigetti Computing Company Profile
(
Get Free Report)
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.
Further Reading
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