Why this analyst thinks Rigetti Computing Stock is heading towards $15

Rigetti Computing (RGTI) stock is focused today on July 2nd after Cantor Fitzgerald analyst Troy Jensen took on reporting on quantum technology companies with a “overweight” rating.

Jensen expects RGTI’s shares to reach $15 in the coming months as quantum computing is “one of the most coveted technical milestones with great economic implications.”

At the time of writing, Rigetti Computing Stock has fallen by more than 19% since the beginning of the year.

Jensen is a leader in superconducting systems and therefore recommends owning RGTI stocks for exposure to quantum computing.

Rigetti is being put into force to accelerate work on superconducting systems, following a recent $35 million equity investment from a $35 million Quana computer.

Investors may also be mindful of several impactful quantum research initiatives in which RGTI works with governments on both sides of the Atlantic.

Quantum Computing stock remains attractive as it is “more about moving towards developing innovative approaches to scaling to higher Qubit counting systems,” according to CEO Subodh Kulkarni.

Rigetti Computing Stock is currently in the premium price range of over 300 times.

Still, Troy Jensen prefers to buy it at its current level, as it is cheaper to own it than its rivals, including D-Wave (QBTS), and its P/S ratio is cheaper than its rivals near 500x.

RGTI recorded operating expenses of approximately $22 million in the first quarter, but ended the quarter with approximately $238 million in cash, cash equivalents and available investments.

In fact, RGTI’s stock may be worth owning as the company registered with NASDAQ generated nearly $43 million in net profit in the most recent quarter.

Rigetti’s stock has now grown by more than 100% since the beginning of the year, but we are confident Wall Street will be able to expand its profits that will advance further.