10 Firms Blowing Up by Double Digits Today

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

Rigetti Computing saw its share prices surge by 18 percent on Wednesday to finish at $11.64 apiece as investors bought up following an analyst’s positive rating for the company.

Earlier this week, investment firm Craig-Hallum gave Rigetti Computing, Inc. (NASDAQ:RGTI) a buy recommendation and a higher price target of $14 versus $12 previously.

The revision followed the company’s earnings performance in the first quarter of the year, where revenues fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Total operating expenses grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.

Earlier this year, Rigetti Computing, Inc. (NASDAQ:RGTI) secured several projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.