Rigetti Shares Slide to 121st in Trading Volume as Air Force Contract and Institutional Buying Signal Renewed Confidence

Rigetti Computing (RGTI) closed on August 29 with a 2.11% decline to $16.20, amid a 44.14% drop in trading volume to $700 million, ranking 121st in market activity. Recent news highlights include a five-year contract awarded by the Air Force Research Lab for quantum foundry services, signaling potential long-term revenue stability. Institutional buying, such as CIBC’s 80,000-share purchase, and a 23.1% decline in short interest, suggest renewed investor confidence. Analyst upgrades from Needham & Company, raising the price target to $3.00, further underscore optimism, though prior earnings volatility and leadership transitions remain risk factors.

The stock’s performance aligns with sector trends in quantum computing, where investor sentiment is driven by strategic contracts and operational milestones. Rigetti’s recent CEO transition and focus on product development may impact execution clarity, but the Air Force deal and institutional support indicate resilience. Short interest declines and analyst upgrades typically correlate with reduced downward pressure, though market conditions and sector-specific risks could influence near-term volatility.

Backtest data for RGTI shows a 37% loss in the prior week, with individual investors holding 46% of shares and institutions 24%. The stock’s 52-week range spans $0.66 to $21.42, with a market cap of $5.375 billion. Historical performance metrics, including a 1,742.22% one-year return, highlight its high-risk, high-reward profile. Recent analyst activity, including a CIBC buy and short-interest reduction, suggests a cautious bullish outlook, though earnings reports and sector dynamics will remain critical drivers.