This Quantum Computing Stock Outshines Gold, Nvidia And Google This Year: Retail Traders Eye More Gains

Rigetti Computing Inc.'s stock has seen a parabolic rise since the start of the month, driven by company-specific news flow and renewed optimism toward the quantum computing industry. It has also surprisingly outperformed some favorite heavyweights this year.

On Stocktwits, retail sentiment toward Rigetti stock stayed 'extremely bullish' as of late Tuesday, and the message volume remained at 'extremely high' levels. Reflecting increasing retail interest in the stock, the 30-day message volume change on the Rigetti stream was 2,272%. 

On Tuesday, the stock rallied nearly 11%, with the upside accompanied by more than double the average trading volume, following a modest drop in the previous session. It was on a seven-session retreat before Monday's retreat.                                                 

Source: Koyfin

On Monday, B.Riley analyst Craig Ellis maintained a 'Buy' rating on Rigetti and raised the price target for the stock to $35 from $19, the Fly reported. The analyst premised his optimism on his conviction that the quantum computing industry was making technological and commercial progress. 

Last week, Rigetti announced the award of a $5.8 million contract from the Air Force Research Lab to advance superconducting quantum networking. The company said it will collaborate with Dutch quantum technology startup QphoX on the project.

Quantum technology stocks have seen strength in recent sessions amid reports that President Donald Trump's administration is considering a broader set of actions related to quantum computing. 

A Cyberscoop report, citing sources, stated that the White House is considering formulating executive action similar to the AI Action plan it announced earlier this year. Multiple quantum computing industry executives reportedly said that the government has signaled a serious intention to take bolder action to promote the industry, although it hasn't committed to a timeline.

A bullish user on Stocktwits said the next stop for the stock could be $35.

Another watcher said Rigetti is the chance if someone had missed the Nvidia, Amazon, and Netflix rally.

Rigetti stock has gained 106% year-to-date, the second-best performance among small- to mid-cap quantum stocks. In comparison, high-profile tech stocks with exposure to artificial intelligence (AI) technology, such as Nvidia and Alphabet, have gained a more modest 33% each. Gold, one of the best-performing financial assets, has surged by approximately 44% year-to-date.

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