Rigetti Computing (NASDAQ:RGTI) Trading 2.6% Higher – Here’s What Happened

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

Wall Street Analysts Forecast Growth

RGTI has been the subject of a number of recent analyst reports. Wall Street Zen raised shares of Rigetti Computing from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Rosenblatt Securities restated a “buy” rating and issued a $40.00 price target on shares of Rigetti Computing in a research note on Wednesday, January 21st. Wedbush increased their price target on Rigetti Computing from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 21st. Mizuho began coverage on Rigetti Computing in a report on Thursday, December 11th. They issued an “outperform” rating and a $50.00 price objective on the stock. Finally, Williams Trading set a $40.00 target price on Rigetti Computing in a research note on Tuesday, November 11th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.60.

Rigetti Computing Stock Up 2.6%

The company has a 50-day moving average of $21.99 and a 200 day moving average of $25.75. The stock has a market capitalization of $5.48 billion, a PE ratio of -12.77 and a beta of 1.69.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Rothschild Investment LLC lifted its stake in shares of Rigetti Computing by 26.1% in the 3rd quarter. Rothschild Investment LLC now owns 1,665 shares of the company’s stock valued at $50,000 after purchasing an additional 345 shares during the last quarter. Trust Co. of Toledo NA OH raised its holdings in Rigetti Computing by 1.7% in the 3rd quarter. Trust Co. of Toledo NA OH now owns 21,178 shares of the company’s stock valued at $631,000 after buying an additional 357 shares during the period. Prospera Financial Services Inc lifted its position in Rigetti Computing by 1.0% in the third quarter. Prospera Financial Services Inc now owns 41,789 shares of the company’s stock valued at $1,245,000 after buying an additional 419 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in Rigetti Computing by 1.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 37,534 shares of the company’s stock worth $831,000 after buying an additional 535 shares during the period. Finally, MAI Capital Management boosted its stake in Rigetti Computing by 17.7% during the third quarter. MAI Capital Management now owns 3,763 shares of the company’s stock worth $112,000 after buying an additional 566 shares during the period. 35.38% of the stock is currently 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.