Rigetti Computing (NASDAQ:RGTI) Stock Price Down 3.1% – Time to Sell?

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

Analyst Ratings Changes

RGTI has been the topic of several recent analyst reports. Royal Bank Of Canada downgraded Rigetti Computing to a “hold” rating in a report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Williams Trading set a $40.00 price objective on Rigetti Computing in a research report on Tuesday, November 11th. Benchmark cut their price target on shares of Rigetti Computing from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, November 11th. Finally, Jefferies Financial Group started coverage on Rigetti Computing in a report on Tuesday, December 16th. They set a “hold” rating and a $30.00 target price for the company. Eight 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.60.

Rigetti Computing Stock Down 3.1%

The company has a fifty day moving average of $22.44 and a 200-day moving average of $25.81.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RGTI. Vanguard Group Inc. boosted its holdings in Rigetti Computing by 40.4% in the 3rd quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock valued at $954,665,000 after purchasing an additional 9,228,888 shares in the last quarter. Marex Group plc acquired a new position in Rigetti Computing in the second quarter valued at $87,414,000. Victory Capital Management Inc. increased its position in shares of Rigetti Computing by 1,632.5% in the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after acquiring an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in Rigetti Computing during the 2nd quarter worth approximately $21,887,000. Finally, Norges Bank acquired a new stake in shares of Rigetti Computing during the fourth quarter valued at about $38,889,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.