10 Best Quantum Computing Stocks To Buy According to Hedge Funds

7. Rigetti Computing, Inc. (NASDAQ:RGTI)

Number of Hedge Fund Holders: 7

Rigetti Computing, Inc. (NASDAQ:RGTI) builds quantum computers and the superconducting quantum processors. It is one of the best quantum computing stocks according to hedge funds as it has the potential to be the infrastructure leader of the emerging field, like NVIDIA is to the artificial intelligence market. In addition to the building of quantum computers and quantum processors, the firm is also marketing Quantum Cloud Services, a cloud platform that offers businesses the opportunity to access the power of quantum processors through the cloud, in full integration with traditional computer hardware.

These products place the company at the forefront of quantum computing innovations. Alliance Global Partners analyst Brian Kinstlinger recently raised the price target on the stock to $5.50 from $3.50 and kept a Buy rating on the shares after the company announced last week that it had completed a $100 million At-The-Market offering. Alliance raised the price target with the financing risk eliminated for five years, stating that it remains bullish as it believes Rigetti is in a leadership position in the development of a gate-based QPU that demonstrates quantum advantage.

The shares have significant catalysts ahead that could push the share price higher, even after a 300% rally over the past month. Some of these catalysts include the launch of the 100-qubit system, the development of modular architecture validation in mid-2025, and the manufacture of 336-qubit Lyra processors. Partnerships with prominent firms like NVIDIA, Amazon, and Fermilab are also likely to keep the firm in the financial headlines in the coming months.