Rigetti Computing (NASDAQ:RGTI) Shares Up 2.6% – Still a Buy?

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) rose 2.6% during trading on Thursday . The stock traded as high as $16.74 and last traded at $16.60. Approximately 28,059,438 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 32,198,936 shares. The stock had previously closed at $16.18.

Analysts Set New Price Targets

A number of analysts have issued reports on RGTI shares. Mizuho initiated 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 objective on Rigetti Computing in a research note on Tuesday, November 11th. Benchmark cut their price objective on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, November 11th. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Finally, Jefferies Financial Group started coverage on Rigetti Computing in a research report on Tuesday, December 16th. They issued a “hold” rating and a $30.00 target price for the company. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Performance

The company has a market cap of $5.48 billion, a price-to-earnings ratio of -12.77 and a beta of 1.69. The business has a 50-day simple moving average of $21.99 and a 200-day simple moving average of $25.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Corient Private Wealth LLC increased its position in shares of Rigetti Computing by 312.1% in the 4th quarter. Corient Private Wealth LLC now owns 61,759 shares of the company’s stock valued at $1,368,000 after purchasing an additional 46,774 shares during the last quarter. Vident Advisory LLC grew its stake in shares of Rigetti Computing by 2.8% during the fourth quarter. Vident Advisory LLC now owns 44,611 shares of the company’s stock worth $988,000 after purchasing an additional 1,218 shares in the last quarter. Voloridge Investment Management LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $23,459,000. Wellington Management Group LLP raised its stake in Rigetti Computing by 27.3% in the fourth quarter. Wellington Management Group LLP now owns 1,007,337 shares of the company’s stock valued at $22,313,000 after buying an additional 215,817 shares in the last quarter. Finally, SummitTX Capital L.P. purchased a new stake in Rigetti Computing during the 4th quarter worth about $1,559,000. Institutional investors and hedge funds 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.