Rigetti Computing (NASDAQ:RGTI) has become among the top-performing stocks this year as shares jumping over 32% in the previous week and an astonishing 237% in the past month. Looking at investor confidence, the stock has surged 310% year to date.
By means of a direct public offering at $2.00 per share, Rigetti has raised $100 million, therefore guaranteeing the required capital for its operations and expansion goals. Furthermore, Alliance Global Partners underscored its knowledge of gate-based quantum computing as the major driver of Rigetti’s better outlook and boosted its price target to $5.50. Technologically, Rigetti has made significant breakthroughs with highly-fidelity quantum processors enhancing its competitiveness and versatility.
Apart from working with reputable companies like Nvidia (NVDA) and the National Quantum Computing Centre in the United Kingdom, these innovations have raised its industry profile.
This article first appeared on GuruFocus.
