Rigetti Computing (NASDAQ:RGTI) Trading Down 3.1% – Here’s Why

Rigetti Computing, Inc. (NASDAQ:RGTI)’s stock price was down 3.1% on Tuesday . The company traded as low as $15.16 and last traded at $15.59. Approximately 27,382,580 shares traded hands during trading, a decline of 15% from the average daily volume of 32,387,000 shares. The stock had previously closed at $16.09.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. TD Cowen lowered shares of Rigetti Computing from a “buy” rating to a “hold” rating in a research report on Thursday, February 12th. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Benchmark decreased their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, November 11th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Trading Down 3.1%

The business’s fifty day simple moving average is $22.44 and its 200 day simple moving average is $25.81.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently bought and sold shares of the company. IFP Advisors Inc boosted its holdings in shares of Rigetti Computing by 146.1% in the second quarter. IFP Advisors Inc now owns 2,190 shares of the company’s stock valued at $26,000 after buying an additional 1,300 shares during the period. Heritage Wealth Advisors raised its position 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 boosted its position in shares of Rigetti Computing by 138.4% in the fourth quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock valued at $27,000 after acquiring an additional 707 shares during the period. EFG International AG bought a new position in shares of Rigetti Computing during the fourth quarter worth approximately $28,000. Finally, Tsfg LLC raised its holdings in Rigetti Computing by 320.5% in the 4th quarter. Tsfg LLC now owns 1,312 shares of the company’s stock valued at $29,000 after acquiring an additional 1,000 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.