Rigetti Computing Inc (NASDAQ:RGTI) stock has reached an unprecedented peak, touching an all-time high of $12.79, pushing its market capitalization to $3.2 billion. According to InvestingPro data, the RSI indicator suggests the stock is currently in overbought territory. This milestone underscores a remarkable period of growth for the quantum computing company, which has seen its stock value skyrocket by an astonishing 1024.51% over the past year. Investors have shown increasing confidence in Rigetti's potential to lead in the burgeoning field of quantum computing, a sentiment that is reflected in the company's soaring stock price. The achievement of this all-time high represents a significant vote of confidence from the market in Rigetti's technology and strategic direction, though InvestingPro analysis indicates the stock is currently trading above its Fair Value. With 15+ additional ProTips and comprehensive volatility metrics available, investors can access deeper insights through InvestingPro's detailed research reports.
In other recent news, Rigetti Computing witnessed a decline in their shares by 4% following a critique from Citron Research, an activist short seller. Despite this, the company finalized the termination of a significant loan agreement, settling all debts with a total payment of approximately $10.5 million. Meanwhile, Quantum Computing Inc, another player in the quantum computing sector, saw an increase in their shares by 26% despite being targeted by Citron Research. Citron's critique focused on Quantum Computing's research and development spending, which was deemed significantly less than other companies in the sector.
In contrast to the critique, Quantum Computing's shares have held onto most of their gains. The quantum computing sector has witnessed an uptick, with D-Wave Quantum's shares climbing by 31%, and Quantum Corp (NASDAQ:QMCO)'s stock increasing by 15%. This momentum coincides with recent legislative developments, proposing to allocate $2.7 billion in federal funding for quantum research and development over a five-year period. These are among the recent developments in the quantum computing sector.
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