Rigetti Computing, Inc. (NASDAQ:RGTI) Receives $14.20 Consensus PT from Analysts

Rigetti Computing, Inc. (NASDAQ:RGTI) has received an average recommendation of “Buy” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 12-month target price among brokers that have issued a report on the stock in the last year is $14.20.

RGTI has been the subject of several research reports. Needham & Company LLC dropped their target price on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Cantor Fitzgerald started coverage on Rigetti Computing in a research note on Wednesday. They issued an “overweight” rating and a $15.00 price objective for the company. Finally, Benchmark reiterated a “buy” rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $13.21 on Wednesday. The company has a market cap of $3.83 billion, a P/E ratio of -18.87 and a beta of 1.43. The stock has a 50-day moving average of $11.52 and a two-hundred day moving average of $10.99. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42.

Hedge Funds Weigh In On Rigetti Computing

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

Rigetti Computing Company Profile

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.