Rigetti Computing (NASDAQ:RGTI) Trading Up 3.8% – Time to Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI) was up 3.8% during mid-day trading on Wednesday . The company traded as high as $16.69 and last traded at $16.18. Approximately 28,791,789 shares changed hands during mid-day trading, a decline of 11% from the average daily volume of 32,327,711 shares. The stock had previously closed at $15.59.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RGTI. Wall Street Zen upgraded Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Thursday, January 22nd. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Benchmark reduced their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Wednesday, January 21st. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Trading Up 3.8%

The stock’s 50 day moving average price is $22.18 and its 200 day moving average price is $25.82. The company has a market cap of $5.34 billion, a price-to-earnings ratio of -12.45 and a beta of 1.69.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Royal Bank of Canada grew its position in Rigetti Computing by 106.2% in the 1st quarter. Royal Bank of Canada now owns 220,701 shares of the company’s stock worth $1,748,000 after purchasing an additional 113,644 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Rigetti Computing by 138.9% during the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company’s stock worth $642,000 after buying an additional 47,115 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Rigetti Computing by 25.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 112,409 shares of the company’s stock valued at $890,000 after buying an additional 22,770 shares during the period. NewEdge Advisors LLC boosted its position in shares of Rigetti Computing by 197.8% during the first quarter. NewEdge Advisors LLC now owns 25,592 shares of the company’s stock worth $203,000 after purchasing an additional 16,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new position in shares of Rigetti Computing in the 1st quarter valued at approximately $3,115,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.