Rigetti Computing (NASDAQ:RGTI) Trading Up 2.9% – Should You Buy?

Rigetti Computing, Inc. (NASDAQ:RGTI)’s share price shot up 2.9% during trading on Tuesday . The company traded as high as $16.73 and last traded at $16.48. 24,547,833 shares were traded during trading, a decline of 22% from the average session volume of 31,582,266 shares. The stock had previously closed at $16.02.

Analyst Ratings Changes

Several research firms have recently commented on RGTI. Mizuho initiated coverage on Rigetti Computing in a report on Thursday, December 11th. They set an “outperform” rating and a $50.00 price target on the stock. Wedbush lifted their target price on shares of Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Royal Bank Of Canada cut shares of Rigetti Computing to a “hold” rating in a research note on Thursday, January 22nd. Williams Trading set a $40.00 price target on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Benchmark reduced their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Up 2.9%

The stock has a 50-day moving average price of $21.43 and a 200 day moving average price of $25.83. The firm has a market capitalization of $5.44 billion, a price-to-earnings ratio of -12.68 and a beta of 1.70.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of the company. Heritage Wealth Advisors raised its stake in 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 buying an additional 954 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Rigetti Computing by 138.4% during the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after acquiring an additional 707 shares in the last quarter. EFG International AG purchased a new stake in Rigetti Computing during the fourth quarter worth approximately $28,000. Tsfg LLC boosted its holdings in Rigetti Computing by 320.5% in the fourth quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Rigetti Computing by 180.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock valued at $30,000 after purchasing an additional 858 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.