Rigetti Computing (NASDAQ:RGTI) Shares Up 7% – Here’s Why

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) shot up 7% during mid-day trading on Wednesday . The company traded as high as $17.79 and last traded at $17.63. 31,127,390 shares were traded during trading, a decline of 1% from the average session volume of 31,567,225 shares. The stock had previously closed at $16.48.

Analyst Upgrades and Downgrades

RGTI has been the topic of a number of research reports. Royal Bank Of Canada lowered Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Benchmark lowered their price objective 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. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Rigetti Computing currently has a consensus rating of “Moderate Buy” and an average price target of $32.60.

Rigetti Computing Price Performance

The stock has a market capitalization of $5.82 billion, a P/E ratio of -13.56 and a beta of 1.69. The stock’s 50-day simple moving average is $21.28 and its 200 day simple moving average is $25.83.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Rigetti Computing by 12.2% during the fourth quarter. Vanguard Group Inc. now owns 35,970,648 shares of the company’s stock worth $796,750,000 after acquiring an additional 3,924,171 shares during the last quarter. State Street Corp lifted its holdings in Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock worth $104,997,000 after purchasing an additional 946,850 shares during the last quarter. Geode Capital Management LLC boosted its stake in Rigetti Computing by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 7,879,325 shares of the company’s stock valued at $174,930,000 after purchasing an additional 196,891 shares during the period. Marex Group plc bought a new stake in Rigetti Computing in the 2nd quarter valued at $87,414,000. Finally, UBS Group AG grew its holdings in Rigetti Computing by 90.9% in the 3rd quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock valued at $91,788,000 after buying an additional 1,467,483 shares in the last quarter. Institutional investors and hedge funds 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.