Rigetti Computing (RGTI) has been one of the most explosive stocks in the past year, delivering an eye-popping gain of over 1000%. Once a lesser-known player in the quantum computing space, Rigetti has quickly captured investor attention with its rapid stock surge and bold ambitions. As the market gets more uncertain and competition in quantum tech grows, investors are wondering if RGTI stock can keep up its momentum.
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Overall, Wall Street analysts remain bullish on RGTI stock with a Strong Buy rating. As a player in the fast-evolving quantum computing space, the company brings forward innovative technology with long-term promise. Still, investors should remain mindful of market uncertainties, rising competition, and execution risks before investing.
What’s Behind RGTI Stock’s Recent Surge?
RGTI stock rose over 11% on Wednesday after the quantum computing company completed a $350 million at-the-market equity offering. Following this new funding, Rigetti will have around $575 million in cash and liquid assets, with no outstanding debt. This strong financial position enables the company to advance the commercial development of its superconducting gate-based quantum computers. Moreover, Rigetti may allocate part of the capital toward future partnerships, acquisitions, or strategic collaborations.
Additionally, the surge in Rigetti stock is partly fueled by comments from Nvidia (NVDA) CEO Jensen Huang. During his keynote at the GTC Paris developer conference, Huang expressed increased optimism about quantum computing, saying the technology is nearing a turning point and could begin addressing real-world challenges shortly.
Investor enthusiasm is also getting a boost from the inflation data released by the Bureau of Labor Statistics (BLS), adding further momentum to the rally.
Is Rigetti a good stock to buy?
According to TipRanks, RGTI stock has received a Strong Buy consensus rating, with five Buys assigned in the last three months. The average Rigetti Computing stock price target is $15.00, suggesting a potential upside of nearly 20% from the current level.
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