5 Best Quantum Computing Stocks To Buy

In this article, we will take a look at the 5 best quantum computing stocks to buy. If you want to see more stocks in this selection, go to the 10 Best Quantum Computing Stocks To Buy.

5. Rigetti Computing, Inc. (NASDAQ:RGTI)

Number of Hedge Fund Holders: 16

Rigetti Computing, Inc. (NASDAQ:RGTI) is a Berkeley, California-based company involved in developing superconducting quantum processors and quantum computers. Furthermore, the company has its own Quantum Cloud Services (QCS) platform that connects its machines to hybrid, private and public clouds. The company went public in October 2021 following a merger with SPAC.

In a joint statement on December 6, Strangeworks, Inc. and Rigetti Computing, Inc. confirmed that Strangeworks would make two quantum machine learning (QML) programs from Rigetti usable on its network. These new QML applications are created to accelerate the creation of applications for classification and regression issues and are tuned specifically for use with Rigetti Computing, Inc.’s (NASDAQ:RGTI) quantum computers.

Quinn Bolton at Needham gave Rigetti Computing, Inc. (NASDAQ:RGTI) stock a target price of $3, along with a Buy rating in a research report published on November 15. The analyst highlighted that Rigetti Computing, Inc. (NASDAQ:RGTI) had taken a beating due to economic uncertainty and the transition of the company’s CEO. However, the current stock price reflects the net cash position of the company only without any consideration of the potential of the underlying business model.

For FY22, Rigetti Computing, Inc. (NASDAQ:RGTI) anticipates total revenues to range from $12.0 million to $13.0 million. The expected revenue includes $4.0 million in contracts that are now being discussed with a government agency. Even though the contractual procedure has taken more time than expected, the company is making strides in the discussions and anticipates closing the deal by the end of the current fiscal year.