Rigetti Computing (NASDAQ:RGTI) Shares Up 7.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) shares rose 7.3% on Friday . The stock traded as high as $16.24 and last traded at $16.09. Approximately 28,395,436 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 32,549,801 shares. The stock had previously closed at $14.99.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RGTI. Williams Trading set a $40.00 price target on Rigetti Computing in a research note on Tuesday, November 11th. Wedbush increased their target price on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. 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. Finally, Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Trading Up 7.3%

The firm has a market capitalization of $5.31 billion, a price-to-earnings ratio of -12.38 and a beta of 1.69. The business has a 50-day moving average price of $22.68 and a two-hundred day moving average price of $25.72.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of the company. IFP Advisors Inc lifted its position in Rigetti Computing by 146.1% in the 2nd quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after purchasing an additional 1,300 shares during the last quarter. Heritage Wealth Advisors increased its stake in shares of Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after purchasing an additional 954 shares during the period. Larson Financial Group LLC raised its holdings 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 buying an additional 707 shares during the last quarter. Tsfg LLC raised its holdings in shares of Rigetti Computing by 320.5% during the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after buying an additional 1,000 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of Rigetti Computing by 180.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after buying an additional 858 shares during the period. Institutional investors 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.