Rivian shares rise as Rigetti announces quantum computing restructuring

Rivian Automotive saw its share price rise 6% during mid-day trading, reaching a high of $17.15. The stock's trading volume increased by approximately 15% compared to its average daily volume. Recent analyst activity includes an upgrade from Piper Sandler to an “overweight” rating with a $20.00 price target, while Morgan Stanley maintained an “underweight” rating with a target of $14.00.

Rigetti Computing has announced a new operating structure designed to scale the deployment of on-premises quantum systems and focus on quantum processor development. The company is establishing a dedicated Systems Delivery organization and a new Chief Operating Officer role. David Rivas, the former CTO, will transition to the COO role, while Andrew Bestwick has been promoted to Chief Technology Officer. These changes are intended to centralize manufacturing, software, and commercial functions.