Cantor Fitzgerald initiated coverage with an "overweight" rating
Quantum computing leader Rigetti Computing Inc (NASDAQ:RGTI) is surging this morning, up 8.3% at $12.27 at last look, after Cantor Fitzgerald initiated coverage on the equity with an "overweight" rating and $15 price target. Though the firm acknowledged that quantum computing technology is in its early stages in general, it also said the sector represents "one of the most highly coveted technical milestones." Cantor is joining an already optimistic pool of five covering analysts, which all sport a "buy" or strong buy" rating.
Rigetti Computing stock has struggled to maintain a consistent climb, now off 21% year-to-date after rocketing higher in 2024. The 100-day moving average has moved in as support, however, with today's pop pressuring the recent ceiling at $12.
Looking toward the options pits, an unwinding in bearish sentiment could trigger tailwinds. RGTI's 10-day put/call volume ratio of 1.19 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than all other readings from the past year.
Calls are already popular today, with 49,000 across the tape so far, double the average intraday volume compared to the 5,829 puts. Most popular is the July 15 call, with the weekly 7/3 12-strike call trailing closely behind.