TD Cowen analyst Krish Sankar has maintained their bullish stance on RGTI stock, giving a Buy rating today.
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Krish Sankar has given his Buy rating due to a combination of factors that highlight Rigetti Computing’s strong financial position and promising technological advancements. With approximately $572 million in cash reserves, Rigetti is well-positioned to endure any delays in the U.S. National Quantum Initiative and potentially achieve a quantum advantage with a 1,000-qubit chip featuring over 99.9% fidelity later in the decade. This financial stability is crucial as the company progresses towards significant technical milestones.
Additionally, Rigetti’s roadmap for its superconducting, gate-based chips is on track, with the multi-chip Cepheus-1 now available and plans for a 100-qubit chip by the end of the year. As fidelity rates improve, the company’s advancements in real-time error correction are expected to become pivotal in attracting commercial interest. Potential catalysts for Rigetti’s growth include the passage of the $2.5 billion U.S. NQI reauthorization and possible funding from DARPA’s Quantum Benchmarking Initiative. These factors collectively contribute to the positive outlook and Buy rating for Rigetti’s stock.
In another report released today, Craig-Hallum also reiterated a Buy rating on the stock with a $20.00 price target.
Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RGTI in relation to earlier this year.