Rigetti Computing ( (RGTI) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
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Rigetti Computing’s stock has been on a rollercoaster ride due to market sentiment changes and analyst evaluations. Initially, Nvidia CEO Jensen Huang’s remarks about quantum computing being far off led to a dip in quantum stocks, including Rigetti. However, Nvidia’s announcement of a Quantum Day event sparked renewed investor interest, causing Rigetti’s stocks to bounce back. Moreover, B. Riley Securities raised its price target for Rigetti from $4 to $8.50, citing its stronger cash position and progress with their Ankaa-3 quantum computing product. Despite this rebound, analysts warn that Rigetti might be overvalued, with CEO Subodh Kulkarni stressing the importance of managing expectations and prioritizing technological advancements over quick sales growth.
More about Rigetti Computing
YTD Price Performance: -43.80%
Average Trading Volume: 114,898,883
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $2.72B
For further insights into RGTI stock on TipRanks’ Stock Analysis page.
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