10 Firms Suffer Steep Downfall on Monday

7. Rigetti Computing Inc. (NASDAQ:RGTI)

Rigetti fell by 15.4 percent on Monday to finish at $7.91 apiece as investors resorted to profit-taking following Friday’s surge while also exercising caution amid the overall market pessimism.

Last week, RGTI entered into a share purchase agreement with Quanta Computer, involving the latter’s purchase of $35 million RGTI shares at a price of $11.59 apiece.

Following the investment, the two parties would jointly invest $100 million over the next five years for the development of quantum computers.

The news propelled RGTI’s stock price on Friday by 9.87 percent versus Thursday’s close.

Meanwhile, Alliance Global Partners assigned a “buy” rating on RGTI and a higher price target of $16 from the $15 previously.

RGTI is expected to release a 36-qubit system based on four 9-qubit chips by mid-2025.

By the end of the year, RGTI expects to release a system with over 100 qubits with a targeted 2x reduction in error rates from the current level.