Rigetti Computing Shares Decline Ahead of Earnings Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 4 days ago
0mins
Should l Buy RGTI?
Source: Benzinga
- Earnings Expectations: Rigetti Computing is set to report earnings on March 4, with analysts forecasting a loss of 4 cents per share on revenue of $2.46 million, an improvement from the previous loss of 8 cents per share and revenue of $2.27 million, indicating potential financial recovery.
- Sector Impact: The broader tech sector is experiencing a sell-off, which has pressured Rigetti's stock despite heightened expectations following IonQ's strong revenue performance, reflecting investor uncertainty regarding Rigetti's upcoming results.
- Stock Volatility: Rigetti's shares have seen significant volatility over the past year, rising from approximately $7.50 to a peak of $56.34 before retreating to $16.82, indicating a shift in market sentiment and investor confidence.
- Technical Analysis: Short-term moving averages have converged with the stock price while the 200-day average continues to trend upward, suggesting a cooling momentum despite a positive long-term outlook, which may influence investor buying decisions.
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Analyst Views on RGTI
Wall Street analysts forecast RGTI stock price to rise
10 Analyst Rating
7 Buy
3 Hold
0 Sell
Moderate Buy
Current: 17.690
Low
30.00
Averages
39.75
High
51.00
Current: 17.690
Low
30.00
Averages
39.75
High
51.00
About RGTI
Rigetti Computing, Inc. is a full-stack quantum computing company. The Company operates quantum computers over the cloud and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. It has developed a multi-chip quantum processor for scalable quantum computing systems. Through the Company’s Quantum Computing as a Service (QCaaS) platform, its machines can be integrated into any public, private or hybrid cloud. It is also engaged in the sale of quantum processing units (QPUs) and custom computing components, and development contracts and other services. Its QPUs contain fabricated silicon-based chips featuring superconducting qubits. The Company designs and manufactures its chips in-house at Fab-1, an integrated quantum device manufacturing facility.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Technology Roadmap: Management has outlined a technology roadmap aiming for a 1,000-plus qubit system by 2027, which, despite near-term challenges, reflects the company's long-term strategic vision in the quantum computing sector.
- Collaboration Progress: Rigetti announced support for NVIDIA's NVQLink quantum-AI platform and showcased this collaboration at NVIDIA's GTC event, indicating the company's intent to strengthen partnerships in quantum technology, even as market volatility persists due to government-related news and analyst ratings.
- Financial Position: Despite a 10% decline in stock price over the past month and a roughly 24.2% drop year-to-date, the company maintains a strong balance sheet with $450 million in cash and low debt, while an $8.4 million purchase order from India is seen as a potential revenue growth opportunity.
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- Earnings Preview: Rigetti Computing is set to report its Q4 results on Wednesday after market close, with Wall Street expecting a loss of $0.03 per share on revenues of $2.33 million, indicating a modest year-over-year growth of approximately 2.6% in revenue.
- Technology Roadmap: Management has outlined a technology roadmap aiming for a 1,000-plus qubit system by 2027, which, despite near-term challenges, reflects the company's long-term strategic vision in the quantum computing sector.
- Collaboration Progress: Rigetti announced support for NVIDIA's NVQLink quantum-AI platform and showcased this collaboration at NVIDIA's GTC event, indicating the company's intent to strengthen partnerships in quantum technology, even as market volatility persists due to government-related news and analyst ratings.
- Financial Position: Despite a 10% decline in stock price over the past month and a roughly 24.2% drop year-to-date, the company maintains a strong balance sheet with $450 million in cash and low debt, while an $8.4 million purchase order from India is seen as a potential revenue growth opportunity.
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- Investor Sentiment: Investors are assessing the potential for the U.S.-Iran conflict to escalate into a prolonged war.
See More
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- Market Reaction: Stocks opened significantly lower, indicating a shift away from the previous "ignore geopolitics" mindset.
- Recovery Trend: By late morning, there was a noticeable recovery in stock prices, suggesting some stabilization in the market.
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- Increased Short Selling: According to Benzinga's Short Interest Report, IonQ's short interest rose from 79.28 million to 82.81 million shares, representing 23.31% of its float, indicating growing pessimism about its future performance in the market.
- Rigetti's Earnings Outlook: Rigetti is set to release its fourth-quarter earnings, with analysts estimating a loss of four cents per share; despite beating expectations in the previous quarter with a loss of three cents, its revenue of $1.95 million fell short of the $2.26 million estimate, highlighting ongoing profitability pressures.
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- Stock Performance: Despite the uncertainties highlighted in the report, the company's stock experienced a gain.
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- AST SpaceMobile Earnings Outlook: AST SpaceMobile, Inc. (NASDAQ:ASTS) is set to report its Q4 results after Monday's close, with Wall Street anticipating a loss of 16 cents per share on revenue of $41.11 million, indicating competitive pressures in the market.
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