Rigetti Computing (RGTI) stock surged by a remarkable 19.04% during Friday's intraday trading session, capping off a stellar week that saw the company's shares skyrocket by an impressive 50%.
The quantum computing firm's meteoric rise can be attributed to growing investor enthusiasm surrounding its groundbreaking advancements in the quantum computing realm. Analysts have taken note of Rigetti's progress in scaling its quantum systems to tackle complex problems that traditional computing cannot solve, leading B. Riley analyst Craig Ellis to raise his price target to $8.50 and maintain a "Buy" rating.
Moreover, Rigetti's successful fundraising rounds have provided much-needed cash flow respite and bolstered the company's growth outlook. Investors are betting that Rigetti's strategic development will position it as a leader in the rapidly expanding quantum computing industry, which has garnered significant market attention due to its vast potential applications across various sectors.
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