Rigetti Computing, Inc. (RGTI) closed the most recent trading day at $21.75, moving -7.25% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.5%. Elsewhere, the Dow saw an upswing of 0.64%, while the tech-heavy Nasdaq appreciated by 0.43%.
Heading into today, shares of the company had gained 4.78% over the past month, outpacing the Computer and Technology sector's loss of 0.15% and the S&P 500's gain of 0.18%.
Market participants will be closely following the financial results of Rigetti Computing, Inc. in its upcoming release. The company is forecasted to report an EPS of -$0.05, showcasing a 37.5% upward movement from the corresponding quarter of the prior year. Meanwhile, our latest consensus estimate is calling for revenue of $2.67 million, up 17.67% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$0.68 per share and a revenue of $7.89 million, signifying shifts of -88.89% and 0%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Rigetti Computing, Inc. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Currently, Rigetti Computing, Inc. is carrying a Zacks Rank of #3 (Hold).
The Internet - Software industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 74, putting it in the top 31% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Rigetti Computing, Inc. (RGTI): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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