What's Going On With Rigetti Computing On Tuesday?

Benzinga05-12

Rigetti Computing Inc. (NASDAQ:RGTI) shares are up during Tuesday’s session after the company on Monday reported its first-quarter results.

Rigetti Revenue Tops Estimates In First Quarter

The stock’s movement comes after Rigetti posted a quarterly loss of 4 cents per share, which met consensus estimates, while revenue of $4.4 million exceeded expectations by 10.86%.

The company is continuing to execute its strategy with the launch of its 108-qubit Cepheus-1-108Q system, which is now available on various quantum computing platforms.

“In the first quarter, we continued to execute on our strategy by bringing our 108-qubit Cepheus-1-108Q system into general availability on Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid,” said Subodh Kulkarni, Rigetti CEO. “We believe Cepheus-1-108Q is one of the most powerful generally available gate-based quantum computers in the world, and as the largest modular system on the market today, it is an important validation of our chiplet-based architecture in a production setting.

Rigetti Plans $100 Million U.K. Quantum Investment

The quantum computing company announced its intention to invest up to $100 million in the U.K. The planned investment will go toward deploying a UK-based quantum computing system with over 1,000 qubits in the next three to four years.

Analysts Maintain Bullish Outlook On Rigetti Stock

Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $34.86. Recent analyst moves include:

Needham: Buy (Maintains Target to $31.00) (May 12)
Benchmark: Buy (Lowers Target to $25.00) (March 20)

How Rigetti (RGTI) Ranks On Momentum And Market Signals

Below is the Benzinga Edge scorecard for Rigetti Computing, highlighting its strengths and weaknesses compared to the broader market:

Momentum: Strong (Score: 73.28) — Stock is outperforming the broader market.

The Verdict: Rigetti Computing’s Benzinga Edge signal reveals a momentum-driven story, indicating that the stock is currently in a strong position relative to the market. Investors may find opportunities as the company continues to innovate in the quantum computing sector.

RGTI ETF Exposure: Funds With The Biggest Positions

SPDR S&P Semiconductor ETF (NYSE:XSD): 4.84% Weight
Defiance Daily Target 2X Long RGTI ETF (NASDAQ:RGTX): 59.87% Weight
WisdomTree Quantum Computing Fund ETF (NASDAQ:WQTM): 5.59% Weight

RGTI Stock Price Activity: Rigetti Computing shares were up 0.05% at $20.52 at the time of publication on Tuesday, according to Benzinga Pro data.

Photo: Shutterstock

Read Also: Will US Government Confirm Existence Of Aliens? Polymarket Bettors Don't Think So Even As Declassified Files Drop

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.