Rigetti Computing (NASDAQ:RGTI) Trading 1.3% Higher – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) rose 1.3% on Wednesday . The company traded as high as $11.77 and last traded at $11.63. Approximately 11,942,444 shares changed hands during trading, a decline of 79% from the average daily volume of 57,401,565 shares. The stock had previously closed at $11.48.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of research analyst reports. Alliance Global Partners reaffirmed a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC cut their target price 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. Finally, Benchmark reaffirmed a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a research note on Thursday, May 15th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $14.00.

Rigetti Computing Price Performance

The business has a 50 day simple moving average of $10.85 and a 200 day simple moving average of $10.55. The stock has a market cap of $3.30 billion, a PE ratio of -16.21 and a beta of 1.50.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter valued at about $25,000. GAMMA Investing LLC grew its holdings in Rigetti Computing by 1,813.0% in the 1st quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Rigetti Computing in the 4th quarter worth approximately $28,000. Center for Financial Planning Inc. acquired a new position in shares of Rigetti Computing during the first quarter worth approximately $30,000. Finally, Quarry LP acquired a new position in shares of Rigetti Computing during the first quarter worth approximately $31,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.