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 has surged due to increased confidence in its technology roadmap and progress towards internal fidelity targets, as highlighted by Benchmark analyst David Williams, who raised the stock’s price target to $14. The boost in stock price was further supported by a virtual investor call emphasizing Rigetti’s advantages in scalability through its superconducting approach and modular architecture. Additionally, excitement across the quantum computing sector, sparked by Microsoft’s announcement of its new quantum chip, Majorana 1, has further fueled the stock’s rise. Although Rigetti reported a GAAP net loss in its recent quarterly report, its strategic positioning and strong intellectual property have reassured analysts of its market potential.
More about Rigetti Computing
YTD Price Performance: -42.65%
Average Trading Volume: 159,028,593
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $2.78B
For further insights into RGTI stock on TipRanks’ Stock Analysis page.
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