Rigetti Computing Inc. (RGTI) shares surged in pre-market trading on Wednesday, with the stock soaring as much as 22.95%. The rally was fueled by renewed optimism around the prospects of quantum computing technology, driven by positive analyst actions and industry voices expressing more bullish views.
B. Riley Securities raised its price target on RGTI to $8.50 from $4, citing the company's progress and the broader opportunity in the quantum computing space. The firm's analyst Craig Ellis highlighted Rigetti's technical advancements that could significantly boost confidence in the scalability of quantum computing for high-value workloads unreachable by classical computing.
Additionally, Microsoft's announcement of its Quantum Ready program, aimed at helping businesses prepare for the "quantum-ready era" in 2025, contributed to the positive sentiment. The tech giant expects the pace of quantum research and development to accelerate over the next 12 months, driving renewed investor interest in the sector and propelling stocks like RGTI higher.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.