Rigetti Computing Stock Gains Ahead Of Q4 Earnings: Analysts Point To ‘Increased Confidence’ In Its Tech Roadmap, But Retail’s Not Buying It
Synopsis
Earlier this month, analysts at B. Riley hiked their price target for the Rigetti stock to $15 from $8.50 while maintaining a ‘Buy’ rating, implying a 91% upside from Tuesday’s closing price.
Shares of Rigetti Computing Inc. (RGTI) edged up on Tuesday during the regular and after-market trading sessions as the company gears up to report its fourth-quarter results.
Rigetti Computing is expected to post a continued narrowing of loss per share to $0.07 in Q4 from a loss of $0.09 a year earlier.
However, Wall Street expects the company’s revenue to fall in Q4 to $2.5 million, down from $3.38 million in the year-ago period.
Rigetti is scheduled to post its Q4 results on Wednesday during after-market hours.
Despite the mixed Q4 expectations, analysts remain optimistic about Rigetti’s prospects going forward.
According to The Fly, Alliance Global Partners pointed out Rigetti as one of the beneficiaries of Amazon.com Inc.’s new quantum chip, which reduces the cost of error correction by up to 90%.
Benchmark analysts pointed out that Rigetti’s recent analyst call has led to an “increased confidence” in the company’s technology roadmap.
Earlier this month, analysts at B. Riley hiked their price target for the Rigetti stock to $15 from $8.50 while maintaining a ‘Buy’ rating, implying a 91% upside from Tuesday’s closing price.
The brokerage noted that recent industry developments should bring the stock into focus while underscoring that 2025 will be “the year to become quantum-ready.”
FinChat data shows of the six brokerage ratings for the RGTI stock, five have a ‘Buy’ rating, while there’s one ‘Outperform’ recommendation.
The average price target was $14.60, implying an upside of nearly 86% from Tuesday’s close.
Despite this, retail sentiment on Stocktwits around the Rigetti stock remained in the red, hovering in the ‘bearish’ (25/100) territory at the time of writing.
Rigetti’s stock has seen a massive uptick, gaining more than 882% in the past six months.
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