Rigetti Computing ( (RGTI) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Rigetti Computing’s stock plummeted significantly due to Nvidia CEO Jensen Huang’s remarks indicating that commercial quantum applications might be decades away, causing a sell-off in the quantum tech sector and shaking investor confidence. Despite this, B. Riley analyst Craig Ellis increased the price target for Rigetti, thanks to the company’s improved cash position and promising advancements in its Ankaa-3 product. While there is optimism about Rigetti’s commercial potential, concerns persist over growth unpredictability and potential capital needs, with some analysts anticipating disappointing Q4 revenues.
More about Rigetti Computing
YTD Price Performance: -69.75%
Average Trading Volume: 98,719,111
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $2.16B
For further insights into RGTI stock on TipRanks’ Stock Analysis page.
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