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.
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