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

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

Analysts Set New Price Targets

Several research firms recently commented on RGTI. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a report on Tuesday, November 11th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Wednesday, January 21st. Wedbush lifted their price target on shares of Rigetti Computing from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Benchmark cut their price target on Rigetti Computing from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, November 11th. Eight equities 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. Based on data from MarketBeat.com, Rigetti Computing currently has an average rating of “Moderate Buy” and an average target price of $32.60.

Rigetti Computing Stock Up 7.0%

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after purchasing an additional 9,228,888 shares during the last quarter. Marex Group plc acquired a new position in shares of Rigetti Computing during the 2nd quarter worth $87,414,000. Victory Capital Management Inc. lifted its position in shares of Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after buying an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Rigetti Computing in the second quarter valued at about $21,887,000. Finally, Norges Bank acquired a new position in Rigetti Computing during the fourth quarter worth about $38,889,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.