The Growth Opportunity In Rigetti Computing Inc (NASDAQ: RGTI)

Rigetti Computing Inc (NASDAQ:RGTI) shares, rose in value, with the stock price up by 2.19% to the previous day’s close as strong demand from buyers drove the stock to $1.40.

Actively observing the price movement in the last trading, the stock closed the session at $1.37. The value of beta (5-year monthly) was 2.50. Referring to stock’s 52-week performance, its high was $3.43, and the low was $0.36. On the whole, RGTI has fluctuated by -17.16% over the past month.

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With the market capitalization of Rigetti Computing Inc currently standing at about $221.45 million, investors are eagerly awaiting this quarter’s results, scheduled for Mar 26, 2024 – Apr 02, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.11, which is expected to increase to -$0.08 for fiscal year -$0.38 and then to about -$0.32 by fiscal year 2025. Data indicates that the EPS growth is expected to be 33.30% in 2025, while the next year’s EPS growth is forecast to be 15.80%.

Analysts have estimated the company’s revenue for the quarter at $3.24 million, with a low estimate of $3 million and a high estimate of $3.7 million. According to the average forecast, sales growth in current quarter could jump down -33.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $16.1 million, representing an increase of 34.10% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that RGTI’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RGTI currently trading nearly -20.74% and -9.63% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 40.01, while the 7-day volatility ratio is showing 8.91% which for the 30-day chart, stands at 11.83%. Furthermore, Rigetti Computing Inc (RGTI)’s beta value is 2.45, and its average true range (ATR) is 0.19.

A comparison of Rigetti Computing Inc (RGTI) with its peers suggests the former has fared considerably weaker in the market. RGTI showed an intraday change of 2.19% in last session, and over the past year, it grew by 93.53%%.

Data on historical trading for Rigetti Computing Inc (NASDAQ:RGTI) indicates that the trading volumes over the past 10 days have averaged 6.29 million and over the past 3 months, they’ve averaged 6.92 million. According to company’s latest data on outstanding shares, there are 147.07 million shares outstanding.

Nearly 32.69% of Rigetti Computing Inc’s shares belong to company insiders and institutional investors own 17.89% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 13.55 million shares as on Mar 15, 2024, resulting in a short ratio of 1.24. According to the data, the short interest in Rigetti Computing Inc (RGTI) stood at 8.57% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 12.59 million. The stock has risen by 42.15% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RGTI stock heading into the next quarter.