Rigetti Computing (RGTI) continues to maintain an increased price today after the quantum computing company’s shares underwent a massive rally throughout the week. That rally saw the price of RTGI stock soar from $4.46 when markets closed on Monday to a current value of $7.46. This is a 67.3% gain over roughly two days of trading.
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Investors will also note that RGTI shares already had positive momentum in 2024 before this rally. That saw the stock jump in price from less than $1 at the start of 2024 to $4.46 before the rally. Its year-to-date growth comes in at 637.76%, with the stock also climbing 1.08% higher today as of this writing.
What’s Behind RGTI’s Massive Rally?
Rigetti Computing can thank Alphabet’s (GOOGL) Google for the massive price increase. The tech giant announced the details of its Willow quantum computer, including its ability to reduce computing errors while increasing qubits. This allows for accurate calculations that are made magnitudes faster than what traditional processors can achieve.
Google calls these new developments a “breakthrough” in quantum computing and investors are excited. This sparked a buying spree of stocks in the sector, including Rigetti Computing. While the stock isn’t seeing as much movement today, there’s still heavy trading with more than 26.73 million shares changing hands, compared to a three-month daily average of 21.68 million units.
Is RGTI Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus for Rigetti Computing is Strong Buy based on five Buy ratings over the last three months. With that comes an average price target of $3.50, a high of $5.50, and a low of $2. This represents a potential 52.19% downside for RGTI shares. However, analysts will likely update their coverage following Google’s Willow announcement and the subsequent rally.
