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Why Rigetti Computing Stock Skyrocketed Today Nasdaq

Bonisiwe Shabane
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why rigetti computing stock skyrocketed today nasdaq

Written by Keith Noonan for The Motley Fool-> Rigetti Computing stock defied the market's bearish momentum today. Rigetti stock has gotten a big boost from analyst coverage earlier this week. Some investors may be betting that quantum computing tech will play a rising role in the competition between the U.S. and China. Rigetti Computing (NASDAQ: RGTI) stock managed to close Thursday's trading with strong gains despite moderately bearish momentum for the broader market.

The company's share price jumped 9% in the daily session despite the S&P 500 falling 0.3% and the Nasdaq Composite declining 0.1%. The stock had been up as much as 11.5% on the day before giving up some of its gains. Shares of Rigetti Computing (NASDAQ: RGTI) flew higher today, finishing up 15.4%. The jump came as the S 500 and Nasdaq Composite both gained slightly. John Martinis, one of this year's Nobel Prize winners, told Bloomberg News that China has "caught up quickly" in the race to build a working quantum computer. He said he's now "worried that maybe we're nanoseconds ahead of them."

In his interview released on Wednesday, Martinis said that it was critical for the U.S. to maintain its edge, while also making it clear just how much that edge has shrunk. The researcher has visited the Trump White House several times -- with his most recently visit happening just a few weeks ago -- to discuss quantum technology, which the Trump administration believes is a... © All rights reserved. Stock prices are provided by BSB-Software This page uses Cookies.

For proper functioning of the page Cookies are needed. You agree to using Cookies by clicking "OK". More infos can be found in our Privacy declaration. If you disagree this service is only available in very limited ways. Rigetti Computing stock defied the market's bearish momentum today. Rigetti stock has gotten a big boost from analyst coverage earlier this week.

Some investors may be betting that quantum computing tech will play a rising role in the competition between the U.S. and China. Rigetti Computing (NASDAQ: RGTI) stock managed to close Thursday's trading with strong gains despite moderately bearish momentum for the broader market. The company's share price jumped 9% in the daily session despite the S&P 500 falling 0.3% and the Nasdaq Composite declining 0.1%. The stock had been up as much as 11.5% on the day before giving up some of its gains. Quantum computing stocks generally saw positive momentum in today's trading.

Rigetti Computing benefited from the trend. The stock may have also gotten a boost from analyst coverage issued earlier this week and geopolitical developments. Rigetti Computing Inc. (RGTI) announced on Thursday that it has secured a $5.8 million contract from the U.S. Air Force Research Laboratory (AFRL) to lead advancements in superconducting quantum networking. The three-year agreement involves collaboration with QphoX, a quantum startup based in the Netherlands, known for its work on quantum frequency conversion technology.

Rigetti computing stock traded over 11% higher on Thursday, after the morning bell. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. Message volume improved to ‘extremely high’ from ‘high’ levels in 24 hours. Rigetti computing stock traded over 11% higher on Thursday, after the morning bell. On Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory. Message volume improved to ‘extremely high’ from ‘high’ levels in 24 hours.

The stock experienced a 615% surge in user message count on Stocktwits over the past week. Users on the platform expressed optimism about the stock and the contract. Rigetti Computing, Inc. (NASDAQ:RGTI) shares are trading higher on Wednesday. The firm released its second-quarter results after Tuesday’s closing bell, with quarterly losses of 13 cents per share, which missed the analyst consensus estimate for losses of 6 cents. Quarterly revenue came in at $1.8 million, which missed the analyst consensus estimate of $1.88 million and is down from revenue of $3.086 million from the same period last year.

Also Read: Rigetti Vs. IonQ: Will Cash Beat Speed In Race For Quantum Advantage? Despite the miss, Wall Street analysts maintained bullish outlooks, pointing to progress on Rigetti’s technology roadmap.

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For Proper Functioning Of The Page Cookies Are Needed. You

For proper functioning of the page Cookies are needed. You agree to using Cookies by clicking "OK". More infos can be found in our Privacy declaration. If you disagree this service is only available in very limited ways. Rigetti Computing stock defied the market's bearish momentum today. Rigetti stock has gotten a big boost from analyst coverage earlier this week.

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Some investors may be betting that quantum computing tech will play a rising role in the competition between the U.S. and China. Rigetti Computing (NASDAQ: RGTI) stock managed to close Thursday's trading with strong gains despite moderately bearish momentum for the broader market. The company's share price jumped 9% in the daily session despite the S&P 500 falling 0.3% and the Nasdaq Composite dec...