Rigetti Computing (NASDAQ:RGTI) Trading 2.6% Higher – Should You Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 2.6% on Thursday . The stock traded as high as $16.74 and last traded at $16.60. Approximately 28,059,438 shares changed hands during trading, a decline of 13% from the average daily volume of 32,198,936 shares. The stock had previously closed at $16.18.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RGTI shares. Wall Street Zen downgraded Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday. Williams Trading set a $40.00 price objective on shares of Rigetti Computing in a research report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Benchmark decreased their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, November 11th. Finally, B. Riley Financial upgraded shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Thursday, January 22nd. Eight equities research 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 a consensus price target of $32.60.

Rigetti Computing Stock Performance

The company has a market cap of $5.25 billion, a price-to-earnings ratio of -12.25 and a beta of 1.69. The company’s fifty day moving average is $21.58 and its two-hundred day moving average is $25.69.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Danske Bank A S acquired a new stake in Rigetti Computing during the 3rd quarter worth about $30,000. Parallel Advisors LLC boosted its stake in shares of Rigetti Computing by 403.2% in the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after buying an additional 871 shares during the last quarter. Clearstead Advisors LLC acquired a new stake in Rigetti Computing during the third quarter worth about $35,000. Heritage Wealth Advisors raised its position in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after acquiring an additional 954 shares in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

About Rigetti Computing

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.