Rigetti Computing (NASDAQ:RGTI) Shares Down 3.9% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 3.9% on Friday . The stock traded as low as $11.46 and last traded at $11.62. Approximately 18,888,030 shares were traded during trading, a decline of 67% from the average daily volume of 56,966,919 shares. The stock had previously closed at $12.10.

Wall Street Analysts Forecast Growth

RGTI has been the subject of several recent research reports. Needham & Company LLC reduced their price target on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Stock Performance

The firm has a 50-day moving average of $10.64 and a two-hundred day moving average of $10.36. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $3.31 billion, a PE ratio of -30.00 and a beta of 1.50.

Institutional Trading of Rigetti Computing

Institutional investors have recently bought and sold shares of the business. Signaturefd LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $28,000. Tucker Asset Management LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $32,000. Orion Capital Management LLC acquired a new stake in Rigetti Computing in the fourth quarter valued at approximately $46,000. Finally, GAMMA Investing LLC grew its holdings in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after purchasing an additional 3,064 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Rigetti Computing Company Profile

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.