Why Rigetti Computing, Inc. (RGTI) Dipped More Than Broader Market Today

In the latest close session, Rigetti Computing, Inc. (RGTI) was down 3.39% at $15.67. This move lagged the S&P 500's daily loss of 1.36%. Elsewhere, the Dow lost 1.64%, while the tech-heavy Nasdaq lost 1.46%.

The company's shares have seen an increase of 4.04% over the last month, surpassing the Computer and Technology sector's loss of 0.24% and the S&P 500's loss of 1.76%.

The investment community will be paying close attention to the earnings performance of Rigetti Computing, Inc. in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.05, reflecting a 37.5% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $3.25 million, indicating a 120.75% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.17 per share and revenue of $25.14 million. These totals would mark changes of +73.44% and +254.73%, respectively, from last year.

Any recent changes to analyst estimates for Rigetti Computing, Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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 has shifted 2.86% upward. Right now, Rigetti Computing, Inc. possesses a Zacks Rank of #3 (Hold).

The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 142, which puts it in the bottom 43% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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Rigetti Computing, Inc. (RGTI): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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