Why Rigetti Computing, Inc. (RGTI) Soared At The Start Of The Trading Week

We recently compiled a list of the 10 Firms Kick Off Trading Week Soaring. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against the other stocks.

Wall Street’s main indices kicked off the trading week soaring on Tuesday amid a series of catalysts from President Donald Trump’s inauguration event that fueled investor sentiment.

The Dow rose by 1.24 percent, the S&P 500 rose 0.88 percent, while the Nasdaq Composite increased 0.64 percent.

On Tuesday, 10 companies—mostly under the space exploration, energy, and quantum computing sectors—registered the highest gains. In this article, let’s take a look at their impressive performance.

To come up with Tuesday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A close up of an engineer typing at a quantum computing station in a modern office space.

Rigetti Computing, Inc. (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) soared by 42.22 percent on Tuesday to finish at $13.98 each driven by growing optimism in both the Artificial Intelligence and quantum computing sectors. The rally was further fueled by an analyst raising the company’s price target, reflecting confidence in Rigetti’s potential within these rapidly advancing industries.

Recently, financial services firm B. Riley doubled Rigetti Computing’s price target to $8.50 apiece and reaffirmed its “buy” rating.

In other news, investors took heart from the news that President Donald Trump is due to announce $500 billion in support to the private sector to fund artificial intelligence infrastructure.

OpenAI, SoftBank, and Oracle have joined forces to form a joint venture company called Stargate, committing $100 billion initially and up to $500 billion in the next four years to support the sector.

Overall RGTI ranks 1st on our list of the firms that kicked off the trading week soaring. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as RGTI but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.