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 took a major hit, plummeting by 51%, after Nvidia CEO Jensen Huang suggested that commercial quantum applications might still be two decades away, leading to a drop in investor confidence across the quantum tech sector. Adding to the concerns, top investor Michael Wiggins De Oliveira pointed out Rigetti’s unpredictable growth and scalability issues, forecasting disappointing Q4 revenue and potential future capital raises. Despite a strong buy consensus from recent Wall Street recommendations, the average price target indicates a downside of around 42% over the coming year, highlighting a gap between analyst optimism and market reality.
More about Rigetti Computing
YTD Price Performance: -55.35%
Average Trading Volume: 95,612,834
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $2.16B
For further insights into RGTI stock on TipRanks’ Stock Analysis page.
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