Rigetti Computing (NASDAQ:RGTI) Shares Up 3.8% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were up 3.8% during mid-day trading on Wednesday . The company traded as high as $16.69 and last traded at $16.18. Approximately 28,791,789 shares changed hands during trading, a decline of 11% from the average daily volume of 32,327,711 shares. The stock had previously closed at $15.59.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Mizuho assumed coverage on shares of Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price for the company. Wedbush lifted their price objective on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a report on Thursday, February 12th. Finally, Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Up 3.8%

The business’s 50-day moving average price is $22.18 and its 200 day moving average price is $25.82. The company has a market capitalization of $5.34 billion, a P/E ratio of -12.45 and a beta of 1.69.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. IFP Advisors Inc raised its holdings in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock worth $26,000 after acquiring an additional 1,300 shares during the last quarter. Heritage Wealth Advisors grew its holdings in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares in the last quarter. Larson Financial Group LLC grew its position in shares of 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 purchasing an additional 707 shares in the last quarter. EFG International AG bought a new stake in Rigetti Computing in the fourth quarter worth $28,000. Finally, Tsfg LLC increased its stake in Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock worth $29,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Company Profile

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.