Quinn Bolton, an analyst from Needham, maintained the Buy rating on Rigetti Computing. The associated price target remains the same with $18.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Quinn Bolton has given his Buy rating due to a combination of factors that highlight Rigetti Computing’s progress and potential in the quantum computing space. The company has successfully met its mid-year goal by developing a 4-chiplet, 36-qubit quantum processing unit (QPU) with a high median two-qubit gate fidelity of 99.5%, which is a significant technical achievement.
Furthermore, Rigetti’s management remains optimistic about reaching a milestone of a system with over 100 qubits and maintaining the same level of fidelity by the end of the year. Despite the quantum advantage being projected to be about four years away, the company is on track with its roadmap, and these advancements support the confidence in its future growth potential. As a result, the price target is maintained at $18, reflecting mostly stable forward estimates.
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.