We recently compiled a list of the 10 Stocks End With Solid Performance. In this article, we are going to take a look at where RRigetti Computing, Inc. (NASDAQ:RGTI) stands against the other stocks.
The stock market ended the trading week in the green territory with all major indices recording gains as investors digested latest US jobs data which fell short of expectations.
The tech-heavy Nasdaq posted the largest gain with 0.70 percent, followed by the S&P 500 with 0.55 percent, and the Dow Jones by 0.52 percent.
Ten companies across mixed sectors also mirrored a broader market optimism, booking modest gains during the end of the trading week. In this article, we have named the 10 top performers on Friday and detailed the reasons behind their performance.
To come up with the list, 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) resumed a four-day winning streak on Friday, adding 9.87 percent to close at $9.35 apiece as investor sentiment was fueled by its $100-million partnership with Quanta Computer to ramp up the development of quantum computing.
In a statement, Rigetti Computing, Inc. (NASDAQ:RGTI) said it secured a $35-million investment in Quanta through the purchase of RGTI shares at a price of $11.59 apiece.
Together, the two companies will shell out $100 million over the next five years to speed up the development and commercialization of quantum computing.
Meanwhile, Alliance Global Partners assigned a “buy” rating on Rigetti Computing, Inc. (NASDAQ:RGTI) and a higher price target of $16 from the $15 previously.
Rigetti Computing, Inc. (NASDAQ: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.
Overall RGTI ranks 4th on our list of Friday’s top performers. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than 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.
