Rigetti Stock Is Soaring Wednesday: What's Going On?

Rigetti Computing, Inc. RGTI shares are trading higher Wednesday. The company reported first-quarter earnings on Monday after the market closed.

What To Know: The company reported earnings per share of 13 cents, beating the consensus estimate of a 6 cent-loss. In addition, it reported sales of $1.47 million, missing the consensus estimate of $2.55 million and representing a 51.77% decrease in sales year-over-year.

Rigetti reported that as of April 30 it had $237.7 million in cash, cash equivalents and available-for-sale investments.

During the quarter, the company was selected to participate in the Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative. It was also granted an Air Force Office of Scientific Research award to further develop certain chip fabrication technology.

“We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners.”

Following the earnings report, Needham analyst Quinn Bolton maintained a Buy rating on Rigetti and lowered the price target from $17 to $15.

Related Link: Rocket Lab Stock Is Rallying Wednesday: What’s Going On?

RGTI Price Action: At the time of writing, Rigetti stock is trading 19.4% higher at $11.78, according to data from Benzinga Pro.

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