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New: Introducing “Why Is It Moving?” - lightning-fast, AI-driven explanations of stock moves
Rigetti Computing stock defied the market's bearish momentum today.
Rigetti stock has gotten a big boost from analyst coverage earlier this week.
Some investors may be betting that quantum computing tech will play a rising role in the competition between the U.S. and China.
Rigetti Computing (NASDAQ: RGTI) stock managed to close Thursday's trading with strong gains despite moderately bearish momentum for the broader market. The company's share price jumped 9% in the daily session despite the S&P 500 falling 0.3% and the Nasdaq Composite declining 0.1%. The stock had been up as much as 11.5% on the day before giving up some of its gains.
Quantum computing stocks generally saw positive momentum in today's trading. Rigetti Computing benefited from the trend. The stock may have also gotten a boost from analyst coverage issued earlier this week and geopolitical developments.
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Image source: Getty Images.
On Tuesday, Benchmark raised its price target on Rigetti from $20 per share to $50 per share and maintained a buy rating on the stock. Even after a big rally in subsequent trading, Benchmark's price target still suggests potential upside of roughly 6%. The company's analysts cited Rigetti's improving cash position, widening product portfolio, and broader tech industry support as reasons for the price-target increase.
Concerns about worsening relations between the U.S. and China prompted pullbacks for many stocks today, but Rigetti and some other highly growth-dependent stocks actually managed to post big gains. Normally, these kinds of speculative, high-risk stocks might normally be expected to see outsized sell-offs in the face of these kinds of geopolitical pressures. But some investors are betting that potential advantages offered in artificial intelligence (AI) and cryptography-adjacent applications will benefit from quantum tech. While quantum computing technologies could emerge as an important point of competition between the U.S. and China, investors should understand that Rigetti comes with a lot of risk at its current valuation.
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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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