Rigetti Computing (NASDAQ:RGTI) Shares Up 1.5% – Still a Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price traded up 1.5% on Monday . The stock traded as high as $17.78 and last traded at $17.69. 19,216,030 shares changed hands during mid-day 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 topic of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Williams Trading set a $40.00 price target on Rigetti Computing in a research report on Tuesday, November 11th. 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 research note on Thursday, January 22nd. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price 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 issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Price Performance

The firm’s 50-day simple moving average is $20.97 and its 200 day simple moving average is $25.86. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -13.61 and a beta of 1.72.

Institutional Trading of Rigetti Computing

Large investors have recently bought and sold shares of the business. Rothschild Investment LLC raised its stake in Rigetti Computing by 26.1% during the third quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock worth $50,000 after acquiring an additional 345 shares in the last quarter. Trust Co. of Toledo NA OH grew its holdings in shares of Rigetti Computing by 1.7% during the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after purchasing an additional 357 shares during the last quarter. Prospera Financial Services Inc increased its position in Rigetti Computing by 1.0% during the 3rd quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock worth $1,245,000 after purchasing an additional 419 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in Rigetti Computing by 1.4% during the 4th quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after purchasing an additional 535 shares in the last quarter. Finally, MAI Capital Management lifted its stake in Rigetti Computing by 17.7% in the 3rd quarter. MAI Capital Management now owns 3,763 shares of the company’s stock valued at $112,000 after purchasing an additional 566 shares during the last quarter. 35.38% of the stock is 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.