Rigetti Computing ( (RGTI) ) has fallen by -22.97%. Read on to learn why.
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Rigetti Computing, a prominent player in the quantum computing space, has seen its stock price tumble by 22.97% over the past week. This decline comes after a significant surge earlier this year, which saw the stock rise by over 1,500%. The recent pullback is attributed to the volatility in the tech and AI sectors, which has dampened investor enthusiasm for quantum-related shares. Despite this setback, analysts remain optimistic about Rigetti’s long-term prospects, citing its ambitious technological roadmap and strategic partnerships as key drivers for future growth.
The company’s recent Q3 earnings call highlighted both opportunities and challenges. Rigetti reported a decline in revenues and gross margins, which has raised concerns among investors. However, the company continues to make strides in its technological advancements, with plans to release a 100-qubit chip by the end of the year and a 1,000-qubit system by 2027. These developments are expected to position Rigetti as a leader in the quantum computing industry, despite the current financial hurdles.
Analysts like Benchmark’s David Williams and Needham’s Quinn Bolton remain bullish on Rigetti, emphasizing the company’s strong foundation and potential for growth. Williams has assigned a Buy rating with a $40 price target, while Bolton has reiterated a Buy rating with a $51 target. Both analysts believe that the recent stock price decline presents an opportunity for investors to buy into Rigetti’s promising future, as the company continues to expand its capabilities and strengthen its market position.