Where Will Rigetti Computing Be in 3 Years?
Rigetti Computing (NASDAQ: RGTI), a developer of quantum computing systems, went public by merging with a special purpose acquisition company (SPAC) on March 2, 2022. Its stock opened at $9.75 on the first day, but it sank to an all-time low of just $0.38 on May 3, 2023. Rigetti's stock crumbled as it missed its own pre-merger estimates, racked up steep losses, and reeled from the unexpected resignation of its founder Chad Rigetti as its president, CEO, and director in December 2022. Rising interest rates exacerbated that pressure by driving investors away from speculative stocks.
But today, Rigetti's stock trades at about $13.50. A $10,000 investment at its all-time low would have grown to about $333,260 in less than two years. Let's see why Rigetti's stock recovered -- and whether it can soar even higher over the next three years.
Image source: Getty Images.
Source Fool.com
