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

Cantor Fitzgerald started coverage on shares of Rigetti Computing (NASDAQ:RGTI - Free Report) in a research note published on Wednesday, MarketBeat reports. The firm issued an overweight rating and a $15.00 price target on the stock. Cantor Fitzgerald also issued estimates for Rigetti Computing's FY2025 earnings at ($0.25) EPS and FY2026 earnings at ($0.26) EPS.

A number of other research analysts have also recently commented on RGTI. Needham & Company LLC reduced 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. Benchmark reissued a "buy" rating and set a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Finally, Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Thursday, March 6th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $14.20.

Rigetti Computing Stock Up 1.0%

Shares of RGTI stock traded up $0.13 during mid-day trading on Wednesday, reaching $13.21. The company's stock had a trading volume of 35,342,499 shares, compared to its average volume of 58,937,466. The firm has a market capitalization of $3.83 billion, a PE ratio of -18.87 and a beta of 1.43. The company's 50 day simple moving average is $11.44 and its 200-day simple moving average is $10.98. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RGTI. Vanguard Group Inc. increased 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 worth $179,249,000 after purchasing an additional 5,280,128 shares during the last quarter. Invesco Ltd. grew its position in shares of Rigetti Computing by 7,367.2% during the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock worth $69,896,000 after buying an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. increased its stake in shares of Rigetti Computing by 1,235.8% in the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after buying an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock worth $32,314,000 after buying an additional 2,055,203 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Rigetti Computing in the first quarter valued at $6,523,000. 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.