Rigetti Computing (NASDAQ:RGTI) has been among the top performers this year as shares jumped over 32% in the past week and a staggering 237% in the past month. Looking at investor confidence, the stock is up 310% year to date.
Through a direct public offering at $200 per share, Rigetti raised $100,000, thereby guaranteeing the necessary funds for its operations and expansion goals. Additionally, Alliance Global Partners emphasized its knowledge of gate-based quantum computing as a key driver of Rigetti’s better outlook and increased its target price to $5. Technologically, Rigetti has made significant progress with high-fidelity quantum processors that enhance its competitiveness and versatility.
Apart from working with famous companies like Nvidia (NVDA) and the National Quantum Computing Center in the United Kingdom, these innovations have raised its industry profile.
This article first appeared on GuruFocus.