Rigetti Computing is a pioneering technology company that specializes in quantum computing, focusing on developing advanced quantum processors and software solutions
The company aims to harness the unique capabilities of quantum mechanics to solve complex computational problems that are beyond the reach of classical computers. Through its cloud-based platform, Rigetti provides access to its quantum computers, enabling researchers, developers, and businesses to explore applications in areas such as cryptography, optimization, and material science. By pushing the boundaries of quantum technologies, Rigetti is contributing to the evolution of computing and the potential transformation of various industries.
Earlier this month, analysts at B. Riley hiked their price target for the Rigetti stock to $15 from $8.50 while maintaining a ‘Buy’ rating, implying a 91% upside from Tuesday’s closing price.
The three major indices were mostly flat in midday trading Wednesday with the S&P 500 and Nasdaq slightly under the flatline and the Dow Jones up 39 points.
Rigetti Computing shares are trading lower by 9.8% during Tuesday's session. Tuesday's decline comes as U.S. stock futures weakened following the worst trading session of the year.
Benchmark analysts are optimistic about the superconducting approach that Rigetti has undertaken. Coupled with its modular architecture, the analysts say Rigetti has “fundamental advantages to overcoming the scalability challenge in gate-based systems.”
