Rigetti Computing Inc (NASDAQ:RGTI) shares are on the rise Wednesday. Investors are positioning themselves ahead of the company's fourth‑quarter earnings report, which will be released after the market closes.
Earnings Anticipation Builds
Rigetti is expected to report a quarterly loss of 4 cents per share on revenue of about $2.46 million. Traders are watching closely for any upside surprises or encouraging guidance, especially after last quarter's modest EPS beat failed to prevent the stock from sliding the next day.
Financial Footing Supports Long-Term Development
In the third-quarter, Rigetti posted $1.9 million in revenue and an operating loss of $20.5 million. Non‑GAAP net loss came in at $10.7 million, or 3 cents per share. Despite the losses, the company ended the quarter with a strong cash position of $558.9 million in cash, equivalents and investments.
Analysts Turn More Bullish
RGTI has seen a positive trend in recent analyst actions, with upgrades and maintained ratings indicating overall bullish sentiment. Key actions include B. Riley Securities upgrading the stock from Neutral to Buy with a price target of $35.00 on Jan. 22. Prior to this, on Jan. 21, Wedbush maintained its Outperform rating for the company, raising its target from $35.00 to $40.00.
Other significant actions include Rosenblatt maintaining a Buy rating for RGTI and setting a target of $40.00. Furthermore, on Dec. 17, Wedbush initiated coverage with an Outperform rating and a $35.00 target price.
RGTI Price Action: Rigetti shares were up 3.30% at $17.52 at the time of publication on Wednesday, according to Benzinga Pro.
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