Street Calls of the Week
Rigetti Computing Inc has reached a remarkable milestone, with its stock hitting an all-time high of $34.4. According to InvestingPro data, the quantum computing company now commands a market capitalization of $9.68 billion, though technical indicators suggest the stock may be in overbought territory. This significant achievement reflects the company’s impressive growth trajectory over the past year, during which its stock price has skyrocketed by 4272.99%. The quantum computing firm, known for its cutting-edge technology and innovative solutions, has captured the attention of investors, driving its stock to unprecedented levels. While analyst targets range from $18 to $35, InvestingPro analysis indicates the stock may be overvalued at current levels. This surge underscores the increasing confidence in Rigetti’s potential to revolutionize the computing landscape and solidify its position as a leader in the industry, despite reporting an EBITDA of -$70.06 million in the last twelve months. Get access to 13 additional InvestingPro Tips and comprehensive analysis with a subscription to InvestingPro.
In other recent news, Rigetti Computing has secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems. These systems are slated for delivery in the first half of 2026 to an Asian technology manufacturing company and a California-based startup. Additionally, Rigetti has been awarded a three-year, $5.8 million contract from the Air Force Research Laboratory for quantum networking research in collaboration with Dutch startup QphoX. Analyst firms have also been revisiting their positions on Rigetti. Benchmark has raised its price target on Rigetti’s stock to $20, maintaining a Buy rating, citing the company’s progress on its chiplet-based scaling strategy. Cantor Fitzgerald increased its price target to $18, maintaining an Overweight rating, reflecting the firm’s optimism about Rigetti’s market potential. Needham reiterated its Buy rating with an $18 price target, noting that Rigetti’s second-quarter revenue exceeded its own projections despite being slightly below the Street consensus. These developments highlight Rigetti’s continued advancements and the growing interest from analysts.
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