With shares up by 223% year to date, Rigetti Computing (RGTI 37.74%) is soaring as Wall Street becomes more interested in quantum computing. While this industry is less flashy than other hype cycles like generative artificial intelligence (AI), it could be just as impactful over the long term.
Zacks.com users have recently been watching Rigetti Computing (RGTI) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
Over the past 10 years, a $1,000 investment in Nvidia (NVDA -1.15%) would have grown to roughly $265,840. A large portion of that rally was fueled by its soaring sales of data center GPUs for processing AI tasks.
Rigetti benefits from an expanding clientele and its growing influence in the quantum computing space.
U.S. stocks traded higher toward the end of trading, with the Dow Jones index gaining more than 400 points on Monday.
Recently, Zacks.com users have been paying close attention to Rigetti Computing (RGTI). This makes it worthwhile to examine what the stock has in store.
Rigetti Computing focuses on quantum computing with superconducting qubit-based processors but faces financial challenges despite technological advancements. The company raised $12 million in Q3 2024 but still reported a $17.3 million operating loss, with $92.6 million in cash and securities. Rigetti aims to release a 36-qubit system in mid-2025 and a 100-qubit system by year-end, targeting a $7.5 billion market.
Rigetti Computing, Inc. (NASDAQ:RGTI ) Q3 2024 Earnings Conference Call November 12, 2024 8:30 AM ET Company Participants Subodh Kulkarni - President and CEO Jeff Bertelsen - CFO Conference Call Participants David Williams - The Benchmark Company Quinn Bolton - Needham and Company Brian Kinstlinger - Alliance Global Partners Craig Ellis - B. Riley Operator Good day.
RGTI's third-quarter 2024 performance is expected to have benefited from advancements in quantum computing technology and expanded global partnerships.
In the closing of the recent trading day, Rigetti Computing, Inc. (RGTI) stood at $1.12, denoting a -0.88% change from the preceding trading day.
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.
Rigetti Computing (RGTI) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.