Analysts Set Rigetti Computing, Inc. (NASDAQ:RGTI) PT at $32.60

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) have received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and eight have given a buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $32.60.

RGTI has been the topic of several research analyst reports. Wedbush boosted 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. Rosenblatt Securities restated a “buy” rating and set a $40.00 price target on shares of Rigetti Computing in a report on Wednesday, January 21st. Jefferies Financial Group assumed coverage on shares of Rigetti Computing in a research note on Tuesday, December 16th. They issued a “hold” rating and a $30.00 price target on the stock. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research note on Tuesday, November 11th. Finally, Williams Trading set a $40.00 target price on shares of Rigetti Computing in a research note on Tuesday, November 11th.

Rigetti Computing Stock Up 7.3%

Shares of Rigetti Computing stock opened at $16.09 on Thursday. The business has a 50 day moving average of $22.68 and a 200 day moving average of $25.72. Rigetti Computing has a 52 week low of $6.86 and a 52 week high of $58.15. The company has a market cap of $5.31 billion, a PE ratio of -12.38 and a beta of 1.69.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of the business. Danske Bank A S bought a new position in Rigetti Computing during the 3rd quarter valued at about $30,000. Parallel Advisors LLC lifted its position in Rigetti Computing by 403.2% during the third quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock valued at $32,000 after purchasing an additional 871 shares during the period. Clearstead Advisors LLC purchased a new stake in Rigetti Computing in the third quarter worth approximately $35,000. Heritage Wealth Advisors raised its stake in Rigetti Computing by 454.3% during the 4th quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Rigetti Computing by 138.4% in the 4th quarter. Larson Financial Group LLC now owns 1,218 shares of the company’s stock worth $27,000 after buying an additional 707 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.