Rigetti Computing (NASDAQ:RGTI) stock gained momentum on Tuesday following recent analyst actions and broader industry developments ahead of the company’s quarterly financial report. The Nasdaq is up 2.88% while the S&P 500 has gained 1.58%, and Technology is leading all sectors with a 4.64% gain.
On Monday, Wedbush assumed coverage of Rigetti at Outperform, maintaining its price forecast of $40 for the stock. The company confirmed its second-quarter earnings release for Thursday, after the market close.
IBM Executive Projects Industry Growth
On CNBC’s “Mad Money” on Thursday, International Business Machines Corp (NYSE:IBM) CEO Arvind Krishna discussed long-term sector growth.
“I think that in 2028 or 2029, you’ll see it have a measurable impact on our top line and bottom line,” Krishna said regarding quantum computing. “By the end of the 2030s, we are now pretty convinced this is a trillion dollars of value.”
Quantum Sector Developments
On Thursday, IBM and Algorithmiq reported research demonstrating quantum advantage.
“A quantum computer can do things better, faster, cheaper, in a way that normal classical computers cannot do at this time,” Krishna said.
IBM is investing $1 billion alongside $1 billion from the U.S. Department of Commerce through CHIPS incentives, competing with Rigetti Computing and Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL). Krishna also addressed IBM’s stock drop following preliminary second-quarter results. “Here’s the good news: about 40% of them have already closed in three to four weeks,” he said. “That’s a good signal that it is a deferral, not a destruction.”
Critical Levels To Watch For RGTI Stock
RGTI is trading 13.6% above its 20-day SMA ($15.29), but it remains 8.8% below its 50-day SMA ($19.04) and 19.5% below its 200-day SMA ($21.57), so the bigger-picture trend is still trying to repair. The death cross that formed in February (50-day SMA below the 200-day SMA) keeps the longer-term bias cautious until price can reclaim those mid-to-long averages.
Momentum is best framed through RSI, which sits at 54.63—neutral, but leaning slightly constructive after the recent swing low in July.
- Key Resistance: $20.50 — a round-number area near the 50-day SMA where rebounds can stall
- Key Support: $15 — a nearby round-number zone close to the 20-day SMA where buyers have recently defended pullbacks
RGTI Stock Price Activity: Rigetti Computing shares were up 8.21% at $16.56 at the time of publication on Tuesday, according to Benzinga Pro data.
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