Rigetti Computing (NASDAQ:RGTI) Stock Price Down 4.1% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped 4.1% during trading on Friday . The stock traded as low as $15.50 and last traded at $15.92. Approximately 28,350,595 shares were traded 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

Several research firms recently issued reports on RGTI. Royal Bank Of Canada downgraded shares of Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a report on Monday, December 29th. B. Riley Financial upgraded Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Thursday, January 22nd. Rosenblatt Securities reissued a “buy” rating and set a $40.00 price objective on shares of Rigetti Computing in a research report on Wednesday, January 21st. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Stock Down 4.1%

The stock’s 50-day moving average price is $21.58 and its 200 day moving average price is $25.76. The firm has a market cap of $5.25 billion, a price-to-earnings ratio of -12.25 and a beta of 1.69.

Institutional Trading of Rigetti Computing

Hedge funds have recently modified their holdings of the company. Danske Bank A S acquired a new position in shares of Rigetti Computing in the third quarter valued at $30,000. Parallel Advisors LLC raised its stake in shares of Rigetti Computing by 403.2% in the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after buying an additional 871 shares in the last quarter. Clearstead Advisors LLC bought a new position in shares of Rigetti Computing during the 3rd quarter worth about $35,000. Heritage Wealth Advisors lifted its holdings in shares of Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock worth $26,000 after acquiring an additional 954 shares during the period. Finally, Larson Financial Group LLC boosted 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 valued at $27,000 after acquiring an additional 707 shares in the last quarter. 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.