Rigetti Computing (NASDAQ:RGTI) was among the quantum computing stocks on the radar as the tech industry turned its focus to the Consumer Electronics Show in Las Vegas last week.
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The event offered a glimpse into the trajectory of AI and quantum computing, sparking the question: how close are we to witnessing the quantum computing revolution?
The answer came loud and clear from Nvidia CEO Jensen Huang, who noted that practical applications for quantum computing are likely more than a decade away. A sobering statement, perhaps, but one that didn’t entirely dampen the dream.
On the contrary, Nvidia’s announcement of its inaugural Quantum Day, scheduled for March 25th, underscores the company’s commitment to exploring the technology’s potential. Hosted by Huang, the event will feature a series of sessions dedicated to discussing quantum computing’s emerging applications.
For Rigetti investors, the journey has been nothing short of a quantum rollercoaster. After an initial dip sparked by Huang’s timeline forecast, RGTI shares staged a surprising rebound.
For those ready to stomach the topsy-turvy sector, investor James Foord believes RGTI is the best option out there.
“Rigetti Computing offers the highest return potential among quantum stocks,” claims the 5-star investor.
Foord explains that RGTI has some exciting catalysts on the horizon, including the development of a 100-qubit computer by the end of the year. In addition, there could be some short-term increases surrounding the upcoming Quantum Day at the end of March.
The investor acknowledges the very real risks of quantum computing stocks, which are regularly making double-digit moves in either direction, and therefore issues the caveat that these might be too risky for most investors. For those with a more long-term approach, the investor would suggest considering an ETF or a larger company working on quantum computing, such as Alphabet or IBM.
“But for those looking to make money fast, Rigetti is the way to go,” concludes Foord, who rates RGTI a Buy. (To watch Foord’s track record, click here)
Shifting to Wall Street, RGTI holds a Strong Buy consensus rating based on 6 Buy recommendations. However, the stock’s rapid ascent has outpaced analysts’ current projections, with a 12-month average price target of $6.10 implying a ~46% downside from its current level. This suggests analysts will likely revisit RGTI in the near future to update their ratings, price targets, or both. (See RGTI stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured investor. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
