Cantor Fitzgerald Begins Coverage on Rigetti Computing (NASDAQ:RGTI)

Analysts at Cantor Fitzgerald initiated coverage on shares of Rigetti Computing (NASDAQ:RGTI) in a research note issued on Wednesday, MarketBeat reports. The brokerage set an “overweight” rating and a $15.00 price target on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 13.56% from the stock’s current price.

RGTI has been the subject of several other reports. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Finally, Needham & Company LLC cut their price objective 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. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing currently has an average rating of “Buy” and a consensus target price of $14.20.

Rigetti Computing Stock Up 1.0%

Shares of Rigetti Computing stock opened at $13.21 on Wednesday. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -18.87 and a beta of 1.43. The business has a fifty day simple moving average of $11.44 and a 200-day simple moving average of $10.98.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund lifted its stake in Rigetti Computing by 90.6% in the 4th quarter. New York State Common Retirement Fund now owns 32,600 shares of the company’s stock worth $497,000 after acquiring an additional 15,500 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Rigetti Computing by 27.4% in the fourth quarter. Bank of New York Mellon Corp now owns 446,692 shares of the company’s stock worth $6,817,000 after purchasing an additional 96,099 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Rigetti Computing by 31.8% in the fourth quarter. Oppenheimer & Co. Inc. now owns 19,765 shares of the company’s stock worth $302,000 after purchasing an additional 4,765 shares in the last quarter. US Bancorp DE purchased a new stake in Rigetti Computing in the 4th quarter worth approximately $74,000. Finally, Jones Financial Companies Lllp acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.