Rigetti Computing ( (RGTI) ) has risen by 10.01%. Read on to learn why.
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Rigetti Computing has seen its stock price rise by 10.01% over the past week, driven by significant developments in its business operations. The company secured a pivotal contract with the Air Force Research Laboratory to advance superconducting quantum networking, which has been a major catalyst for investor interest. Additionally, Rigetti’s integration with Nvidia’s NVQLink platform, which combines AI supercomputing with quantum computing, has further bolstered confidence in the company’s technological advancements.
Despite the recent surge, analysts are advising caution, noting that Rigetti’s current stock valuation is largely based on future potential rather than existing revenue streams. The company’s recent earnings report showed a quarterly revenue of $1.8 million, with a GAAP net loss of $39.65 million, highlighting the challenges it faces in achieving profitability. Analysts emphasize the importance of the stability and success of future contracts and projects in sustaining the stock’s upward momentum.
Investor sentiment remains mixed, with some insiders selling shares, indicating a negative corporate insider sentiment. However, the technical sentiment signal remains a ‘Buy’, and the analyst consensus rates Rigetti as a ‘Strong Buy’, with an average price target of $30.25. As Rigetti continues to make strides in quantum computing, its stock remains a point of interest for those watching the tech sector closely.