Rigetti Computing Is Skyrocketing Today -- Is the Quantum Computing Stock a Buy?

Rigetti Computing (NASDAQ: RGTI) stock is rocketing higher in Wednesday's trading thanks to positive analyst coverage and a bullish backdrop for the broader market. The company's share price was up 11.9% as of 3:15 p.m. ET. Meanwhile, the S&P 500 (SNPINDEX: ^GSPC) was up 0.4%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 0.8%.

Rising expectations that the Federal Reserve will cut interest rates and news that the U.S. has reached a trade deal with Vietnam are contributing to bullish momentum for Rigetti and the broader market today. The quantum computing specialist's share price is also getting a big boost from Cantor Fitzgerald's new note on the company.

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Before market open this morning, Cantor issued new coverage that initiated coverage on Rigetti with an overweight rating. The firm also set a one-year price target on the stock of $15 per share. As of this writing, the target suggests additional upside of roughly 19%.

Is Rigetti Computing stock a buy right now?

While there has been some significant volatility across the stretch, the quantum computing space has generally been red-hot over the last three months. Rigetti Computing stock is up roughly 63% across the time frame.

Signs indicate that wide-scale commercial applications for quantum computing are moving closer to being a reality, and it's possible that early investors who back top players in the space will score huge wins over the long term. At the same time, Rigetti faces some tough competition in the space and trades at a highly growth-dependent valuation.

With the company valued at approximately 417 times this year's expected sales, investors should approach Rigetti stock with the understanding that its potential to deliver huge returns also comes with a very high level of risk.

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Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.