Rigetti Computing (NASDAQ:RGTI) Trading Down 4.1% – Time to Sell?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) were down 4.1% during trading on Tuesday . The company traded as low as $16.24 and last traded at $16.96. Approximately 28,944,865 shares traded hands during trading, a decline of 8% from the average daily volume of 31,627,061 shares. The stock had previously closed at $17.69.

Analysts Set New Price Targets

Several research firms have weighed in on RGTI. B. Riley Financial raised shares of Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Rigetti Computing in a research note on Wednesday, January 21st. Benchmark decreased their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Royal Bank Of Canada cut Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Finally, Jefferies Financial Group began coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Down 4.1%

The business has a 50-day moving average price of $20.79 and a two-hundred day moving average price of $25.86. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -13.05 and a beta of 1.72.

Institutional Investors Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Heritage Wealth Advisors boosted its position in Rigetti Computing by 454.3% in the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after purchasing an additional 954 shares during the last quarter. Larson Financial Group LLC increased 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 buying an additional 707 shares during the period. EFG International AG bought a new position in Rigetti Computing in the 4th quarter valued at $28,000. Tsfg LLC increased its stake in Rigetti Computing by 320.5% in the 4th 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. Finally, Northwestern Mutual Wealth Management Co. raised its stake 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. Hedge funds and other 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.