Brokerages Set Rigetti Computing, Inc. (NASDAQ:RGTI) PT at $14.20

Shares of Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) have been given a consensus rating of "Buy" by the six brokerages that are covering the firm, Marketbeat.com reports. Six analysts have rated the stock with a buy rating. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $14.20.

A number of research analysts have recently weighed in on RGTI shares. Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Alliance Global Partners reiterated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Cantor Fitzgerald started coverage on Rigetti Computing in a research report on Wednesday. They set an "overweight" rating and a $15.00 price target for the company. Finally, Needham & Company LLC decreased their price objective on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th.

Rigetti Computing Price Performance

Rigetti Computing stock traded up $1.75 during mid-day trading on Wednesday, reaching $13.08. The company had a trading volume of 65,157,979 shares, compared to its average volume of 58,583,780. The stock's 50-day simple moving average is $11.28 and its 200-day simple moving average is $10.93. The company has a market capitalization of $3.80 billion, a P/E ratio of -18.69 and a beta of 1.43. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its position in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock worth $176,000 after buying an additional 1,301 shares during the period. US Bancorp DE raised its holdings in Rigetti Computing by 29.4% in the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the period. Signaturefd LLC acquired a new stake in shares of Rigetti Computing in the fourth quarter worth $25,000. Amalgamated Bank increased its position in shares of Rigetti Computing by 33.1% in the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock worth $52,000 after acquiring an additional 1,622 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in shares of Rigetti Computing by 14.9% in the 4th quarter. Legal & General Group Plc now owns 14,051 shares of the company's stock valued at $214,000 after acquiring an additional 1,817 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

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.