Shares of Rigetti Computing, one of the top players in the rapidly growing quantum computing sector, jumped more than 5% on the New York Stock Exchange after an investment firm raised its price target.
Rigetti’s stock climbed 5.06%, closing at $13.08 on Tuesday.
Over the past six months, Rigetti’s stock has soared an astounding 1,122%, cementing its position as a key name in the quantum computing space. However, the stock had recently slowed down, falling about 23% over the past month as investor enthusiasm for quantum computing cooled.
In this context, investment firms’ latest price target upgrade has reignited interest, pushing the stock higher.
Needham, a well-known brokerage firm, released a report reaffirming its Buy rating for Rigetti while significantly raising its price target from $2 to $17.
This new target suggests a potential upside of around 30% from current levels, likely contributing to the stock’s strong performance on the day.
Founded in 2013 by physicist Chad Rigetti, Rigetti Computing is headquartered in Berkeley, California. The company specializes in developing quantum integrated circuits, a key component in the rapidly evolving field of quantum computing.