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Why Rigetti Computing Stock Soared Today Finviz Com

Bonisiwe Shabane
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why rigetti computing stock soared today finviz com

Rigetti Computing stock soared 20% this morning, and then saw its gain cut in half. The quantum computing start-up is not profitable, and its share price depends largely on momentum. Shares of quantum computing company Rigetti Computing (NASDAQ: RGTI) soared as much as 20% in early trading on Friday before giving back about half its gains -- all on no obvious news. As of 11:20 a.m. ET, Rigetti stock was still up 12%. Where to invest $1,000 right now?

Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » Rigetti Computing (NASDAQ: RGTI) stock is roaring higher in Wednesday's trading thanks to multiple positive catalysts. The quantum computing specialist's share price was up 10.9% as of 3:30 p.m. ET. Shares had been up as much as 20.6% earlier in the daily session.

Rigetti's valuation is getting a huge boost today after Nvidia CEO Jensen Huang made comments suggesting that quantum computing technologies could be ready to take off. The stock is also getting a lift from better-than-expected inflation data released by the Bureau of Labor Statistics (BLS) today. Nvidia kicked off its GTC Paris developers conference this morning, and CEO Jensen Huang had some promising things to say about the trajectory of quantum computing technologies. "Quantum computing is reaching an inflection point," Huang said in his keynote speech for the conference this morning. The CEO's comments kicked off another powerful rally for quantum computing stocks, and Rigetti's valuation has surged thanks to the catalyst. The Bureau of Labor Statistics published May's consumer price index (CPI) inflation data this morning, and the results seem to bode well for Rigetti Computing stock.

Core CPI, which is a measure for inflation that looks at prices for a combination of goods and excludes food and energy expenses, rose at a 2.8% annual rate last month. Core CPI inflation ticked up just 0.1% compared to April's figure. Meanwhile, economists had expected that annual inflation for core CPI would be up 2.9% and that monthly inflation would be up 0.2%. Core CPI came in cooler than expected, and this seemingly supports the notion that the Federal Reserve is seeing economic data that leaves the door open for an interest rate cut this year. If the Fed does deliver a rate cut, that would likely be a strong positive catalyst for Rigetti Computing and other speculative growth stocks. 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. One of the world's leading banks revealed it will commit billions to 27 key areas of investment, including quantum computing. Rigetti and other pure-play quantum stocks flew higher on the news. Shares of Rigetti Computing (NASDAQ: RGTI) soared on Monday, finishing up 25%. The spike came as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 1.5% and 2.2%, respectively. The quantum computing stock surged after JPMorgan Chase revealed plans to invest $10 billion in various industries and technologies under its broad "Security and Resiliency Initiative" aimed at boosting U.S.

economic and technological leadership. Quantum computing was among the 27 areas targeted. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » A Wall Street Journal article sent Rigetti and other pure-play quantum stocks soaring.

Subsequent reporting from Reuters and Yahoo! Finance raised doubts about the initial report. Shares of Rigetti Computing (NASDAQ: RGTI) soared 16.4% on Thursday before reversing, now up a more modest 6.5% as of 1:51 p.m. ET. The spike comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 0.6% and 0.9%, respectively. The quantum computing company's stock surged after The Wall Street Journal reported that the Trump administration was in talks with Rigetti and others about taking equity stakes in the companies.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » We recently published a list of These 10 Stocks Soared by Double Digits Today! In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other stocks that soared today.

Rigetti Computing soared to a new 3-month high on Thursday, adding 26.46 percent to finish at $13.86 apiece, in line with the surge in its quantum computing peers. During the session, Rigetti Computing, Inc. (NASDAQ:RGTI) traded higher alongside D-Wave Quantum Inc. (NYSE:QBTS), Quantum Computing Inc. (NASDAQ: QUBT), and IONQ Inc. (NYSE:IONQ), helped by developments in the quantum computing industry that spilled over into the company.

This included a fellow quantum computing firm’s launch of a new computer that is said to be capable of solving problems beyond the capabilities of a classical GPU-based supercomputer. Additionally, investors snapped up shares in Rigetti Computing, Inc.(NASDAQ:RGTI) following Craig-Hallum’s higher price target of $14. Based on its Thursday close, the company was just 1-percent shy of the said price target. In recent news, Rigetti Computing, Inc. (NASDAQ:RGTI) said revenues fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

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