Rigetti Computing, Inc. (RGTI) ended the recent trading session at $16.92, demonstrating a +2.24% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.28%. At the same time, the Dow lost 1.09%, and the tech-heavy Nasdaq gained 0.2%.
The company's stock has dropped by 15.95% in the past month, falling short of the Computer and Technology sector's loss of 1.22% and the S&P 500's gain of 1.64%.
The investment community will be closely monitoring the performance of Rigetti Computing, Inc. in its forthcoming earnings report. On that day, Rigetti Computing, Inc. is projected to report earnings of -$0.03 per share, which would represent year-over-year growth of 40%. Meanwhile, the latest consensus estimate predicts the revenue to be $4.91 million, indicating a 173% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.18 per share and revenue of $25.32 million, indicating changes of +71.88% and +257.28%, respectively, compared to the previous year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rigetti Computing, Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. As of now, Rigetti Computing, Inc. holds a Zacks Rank of #4 (Sell).
The Internet - Software industry is part of the Computer and Technology sector. Currently, this industry holds a Zacks Industry Rank of 95, positioning it in the top 39% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).