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We recently published a list of 10 Firms Buck Broader Market Optimism. In this article, we are going to take a look at where Rigetti Computing Inc. (NASDAQ:RGTI) stands against other firms buck broader market optimism.
Wall Street’s main indices finished in the green territory on Friday amid a series of catalysts buoying investor appetite.
The Dow Jones Industrial Average rose by 0.80 percent, while the S&P 500 and Nasdaq Composite rallied by 1.26 percent and 1.77 percent, respectively.
Despite the wider optimistic sentiment, 10 companies managed to post declines. Here is why:
To come up with Friday’s top losers, 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)
Shares of Rigetti Computing, Inc. (NASDAQ:RGTI) dropped by 4.9 percent or 0.98 points to finish at $19.02 apiece as investors pocketed gains following a 31-percent surge in the previous trading day.
Similar to other quantum computing stocks, analysts remained bullish on Rigetti (RGTI) amid the rapid expansion of the global quantum computing market, currently valued at $1.3 billion. The market is projected to grow at an impressive compound annual growth rate (CAGR) of 32.7 percent, potentially reaching $5.3 billion by 2029.
According to analysts, Rigetti (RGTI) stands to largely benefit from the expected growth, on their promises of developing essential resources. Just recently, the company debuted its innovative Novera quantum processor.
It is also worth noting that Google’s advancements in the Quantum space with its newest Willow chip contributed to the rally on shares of Quantum stocks, including Rigetti (RGTI).
Overall, RGTI ranks 6th on our list of firms buck broader market optimism. While we acknowledge the potential of RGTI as an investment, our conviction lies in the belief that 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 that 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.