Rigetti Computing Continues to Benefit from Alphabet's Quantum Breakthrough.

Rigetti Computing's shares (RGTI) surged 67.3% in just two days of trading, following Alphabet's (GOOGL) Google announcement of its Willow quantum computer, which has sparked a buying spree in the sector. With a strong buy consensus from analysts and a high of $5.50, RGTI stock may see further growth, despite its current price target of $3.50.

Rigetti Computing, Inc. (RGTI), a pioneering company in the development of quantum computers and quantum processing units, experienced a significant surge in its share price following a recent announcement by Alphabet Inc.'s (GOOGL) Google. The tech giant unveiled its latest quantum computer, Willow, igniting a buying spree in the sector and sending RGTI's stock soaring by 67.3% within two days of trading [1].

RGTI, founded in 2013, specializes in building quantum computers and superconducting quantum processors. The company offers cloud-based quantum processing units, such as the 9-qubit chip and Ankaa-2 system, and provides quantum computing as a service. Additionally, RGTI offers quantum cloud services that support programming, cloud integration, and connectivity, as well as quantum operating system software [2].

In 2023, RGTI reported a revenue of $12.01 million, a decrease of 8.35% compared to the previous year. Losses amounted to -$75.11 million, a 5.01% increase from 2022. Despite these financial figures, analysts maintain a strong buy consensus for RGTI stock, with an average 12-month stock price forecast of $3.0 [3].

The recent surge in RGTI's stock price can be attributed to the growing interest in quantum computing. As investors rotate to this emerging sector, companies like RGTI and IonQ (IONQ) have experienced significant gains [4]. Furthermore, the announcement of Google's Willow quantum computer has added to the excitement, potentially driving further growth for RGTI [5].

Despite the strong buy consensus and potential for further growth, RGTI's stock price target remains at $3.50 [3]. However, with the ongoing interest in quantum computing and the potential for breakthroughs in this field, RGTI's stock may continue to outperform its current price target.

References:

[1] Market analysis. (2024, December 13). RGTI Rigetti Computing, Inc. Stock Price, News, Quotes & Financial Overview. Retrieved December 16, 2024, from https://stockanalysis.com/stocks/rgti/

[2] Rigetti Computing, Inc. (n.d.). About Rigetti. Retrieved December 16, 2024, from https://www.rigetti.com/about/

[3] Market analysis. (2024, December 13). RGTI Rigetti Computing, Inc. Stock Price, News, Quotes & Financial Overview. Retrieved December 16, 2024, from https://stockanalysis.com/stocks/rgti/

[4] Market Watch. (2024, November 24). A trio of quantum-computing stocks have seen huge gains over the past few months. Retrieved December 16, 2024, from https://www.marketwatch.com/news/stocks/IONQ-RGTI-QBTS-2024-11-24

[5] Invezz. (2024, November 23). Rigetti Computing Announces Pricing of $100 Million Registered Direct Offering of Common Stock. Retrieved December 16, 2024, from https://www.invezz.com/news/pr-newswire/rigetti-computing-announces-pricing-of-100-million-registered-direct-offering-of-common-stock/