Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.1% – What’s Next?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 4.1% during trading on Friday . The company traded as low as $15.50 and last traded at $15.92. Approximately 28,350,595 shares traded hands during trading, a decline of 12% from the average daily volume of 32,088,242 shares. The stock had previously closed at $16.60.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RGTI shares. Jefferies Financial Group initiated coverage on shares of Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Mizuho started coverage on Rigetti Computing in a research report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 target price on the stock. Williams Trading set a $40.00 price target on Rigetti Computing in a report on Tuesday, November 11th. Finally, Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a research report on Thursday, January 22nd. Eight 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Performance

The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of -12.25 and a beta of 1.69. The firm has a 50-day simple moving average of $21.78 and a two-hundred day simple moving average of $25.69.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rothschild Investment LLC increased its position in shares of 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 during the period. Trust Co. of Toledo NA OH grew its stake in 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 worth $631,000 after purchasing an additional 357 shares in the last quarter. Prospera Financial Services Inc increased its holdings 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 during the period. Kestra Private Wealth Services LLC increased its holdings 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 during the period. Finally, MAI Capital Management raised its position 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 in the last quarter. Hedge funds and other 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.