Rigetti Computing (NASDAQ:RGTI) Shares Up 1.5% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 1.5% on Monday . The company traded as high as $17.78 and last traded at $17.69. 19,216,030 shares traded hands during trading, a decline of 39% from the average session volume of 31,691,918 shares. The stock had previously closed at $17.42.

Analysts Set New Price Targets

RGTI has been the subject of a number of research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Wednesday, January 21st. TD Cowen downgraded Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a research note on Saturday, February 21st. Benchmark reduced their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Finally, Royal Bank Of Canada lowered shares of Rigetti Computing to a “hold” rating in a report 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Trading Up 1.5%

The stock has a market cap of $5.84 billion, a P/E ratio of -13.61 and a beta of 1.72. The business has a 50-day simple moving average of $20.97 and a 200 day simple moving average of $25.86.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RGTI. Danske Bank A S bought a new position in Rigetti Computing during the 3rd quarter worth approximately $30,000. Parallel Advisors LLC increased its position in shares of Rigetti Computing by 403.2% during 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 period. Clearstead Advisors LLC bought a new position in Rigetti Computing during the third quarter worth $35,000. Heritage Wealth Advisors raised its stake in Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after buying an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in Rigetti Computing by 138.4% during 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 last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.