Rigetti Computing, Inc. (RGTI) Gains 47.6% Since Jim Cramer Warned It’s “The Worst One” Among Quantum Computing Stocks

We recently published Jim Cramer’s 13 Quantum Computing & Nuclear Stock Predictions – See How They Played Out! Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the stocks Jim Cramer recently discussed.

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Rigetti Computing, Inc. (NASDAQ:RGTI) makes and sells quantum processors and computing systems. Since Cramer commented on the firm, its shares have gained 47.61%. The day Cramer commented on Rigetti Computing, Inc. (NASDAQ:RGTI) was quite important for quantum stocks, as it was the day after NVIDIA CEO Jensen Huang commented that he believed quantum computing’s practical purposes were at least 20 years away. During the day of Cramer’s remarks, Rigetti Computing, Inc. (NASDAQ:RGTI)’s shares sank by a whopping 45.4%, so naturally, the shares have gained since then. Here’s what Cramer said in January:

“So what you have is a stock like Rigetti. You’ll see that under the crawl just this very moment. RGTI. Now this is a two-dollar stock from a few months ago. And they did a gigantic [inaudible], fifty million share offering at two dollars eleven cents, really basically because they needed the money. They had flat revenues for a long time.

“I would argue that Rigetti, which also had a lot of insider selling is probably the worst one. It’s up a great deal. They needed the money just back in November. I think people took it up and they have no idea what it really does. It designs quantum computers and superconducting quantum computing processors and that’s precisely what Jensen Huang is saying is really not that valuable.”

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Disclosure: None. This article is originally published at Insider Monkey.