Rigetti Computing, Inc. (RGTI) shares rallied 11.5% in the last trading session to close at $16.87. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 6.3% loss over the past four weeks.
The sharp rise in RGTI shares can be attributed to the company’s latest operational and commercial milestones, highlighted by the general availability of its 108-qubit Cepheus-1-108Q system via its cloud platform and a major third-party quantum marketplace. The disclosure of improved technical metrics, including two-qubit and single-gate fidelity, signals tangible progress against its roadmap and reinforces confidence in its technology stack.
This company is expected to post quarterly loss of $0.05 per share in its upcoming report, which represents a year-over-year change of +37.5%. Revenues are expected to be $3.25 million, up 120.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Rigetti Computing, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RGTI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Rigetti Computing is a member of the Zacks Internet - Software industry. One other stock in the same industry, NCR Atleos (NATL), finished the last trading session 0.2% lower at $44.37. NATL has returned 0.9% over the past month.
NCR Atleos' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1. Compared to the company's year-ago EPS, this represents a change of +56.3%. NCR Atleos currently boasts a Zacks Rank of #3 (Hold).
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Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).