Rigetti Computing, once Wall Street’s quantum computing darling, saw its stock jump nearly 7% in a surprising rebound.
On Wednesday, Rigetti’s shares climbed 6.62% to $11.75 on the New York Stock Exchange.
The sudden surge seems to have been fueled by bargain hunters snapping up shares after a recent downturn.
Despite this impressive gain, Rigetti’s stock has tumbled 15% over the past five trading sessions.
However, a broader look tells a different story. The stock has soared 31% in the past month and an astonishing 1,275% over the past six months.
Rigetti benefited from the quantum computing boom that swept Wall Street late last year, but its meteoric rise has recently hit turbulence amid concerns of a growing bubble.