Rigetti Computing (NASDAQ:RGTI) has emerged as a standout in the quantum computing sector.
What Happened: Investor James Foord claims Rigetti offers the highest return potential among quantum stocks, TipRanks reported on Friday.
"Rigetti Computing offers the highest return potential among quantum stocks," he said.
Foord highlights Rigetti’s ambitious plans, including the development of a 100-qubit computer by year-end, as key catalysts for potential growth. He also points to the upcoming Quantum Day, hosted by Nvidia (NASDAQ:NVDA), as a possible short-term boost for Rigetti shares.
Despite the promising outlook, Foord warns of the inherent volatility in quantum computing stocks, which often experience double-digit fluctuations. He suggests that those with a long-term perspective consider ETFs or larger companies like Alphabet or IBM.
On Wall Street, Rigetti holds a Strong Buy consensus with six Buy recommendations. However, the stock’s recent surge has surpassed analysts’ projections, with a 12-month average price target of $6.10 indicating a potential 46% downside from current levels. Analysts may soon reassess their ratings and price targets for Rigetti.
Why It Matters: The spotlight on Rigetti Computing comes amid heightened interest in quantum computing stocks. Earlier this year, Jim Cramer of CNBC’s “Mad Money” highlighted Rigetti as a promising investment opportunity. Cramer suggested reallocating gains from GameStop Corp. into quantum stocks, noting Rigetti’s extraordinary trading volume of 352 million shares, despite having only 280 million outstanding shares. This surge in trading activity underscores the growing investor interest in Rigetti, as well as the broader quantum computing sector.
Price Action: RGTI was down by 3.47% during pre-market hours on Friday, as per Benzinga Pro. Rigetti Computing has delivered a staggering return of over 860% in the past six months.
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