Rigetti Computing (NASDAQ:RGTI) Coverage Initiated by Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $15.00 price objective on the stock.

Several other equities research analysts also recently weighed in on the stock. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Benchmark reiterated a “buy” rating and set a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Finally, Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $14.20.

Rigetti Computing Stock Performance

NASDAQ RGTI opened at $13.08 on Wednesday. The company has a market cap of $3.80 billion, a P/E ratio of -18.69 and a beta of 1.43. The business’s 50 day moving average price is $11.36 and its 200-day moving average price is $10.94. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

Institutional Trading of Rigetti Computing

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after buying an additional 5,280,128 shares in the last quarter. Invesco Ltd. grew its stake in Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock worth $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. increased its position in shares of Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company’s stock worth $30,151,000 after acquiring an additional 3,521,935 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Rigetti Computing during the first quarter valued at approximately $6,523,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.