Rigetti Computing (NASDAQ: RGTI) stock managed to record strong gains over the last week despite bearish pressures for the broader market. The company’s share price rose 9.4% over the stretch even though the S&P 500 index fell 0.4% and the Nasdaq Composite index declined 1%.
Rigetti saw valuation gains supported by bullish indicators for the broader quantum computing space. IonQ posted fourth-quarter results that were much better than expected, and that seemingly boosted expectations for Rigetti’s upcoming quarterly report.
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IonQ released its fourth-quarter results after the market closed on Feb. 25, reporting a non-GAAP (adjusted) loss of $0.20 per share on sales of $61.89 million. The performance came in significantly ahead of the average analyst estimates, which had called for an adjusted loss of $0.23 per share on revenue of $40.38 million.
IonQ’s guidance for sales to be between $225 million and $245 million this year also far surpassed Wall Street’s target for sales of $192.6 million. Valuations across the quantum industry got a boost from IonQ’s better-than-expected Q4 results and guidance, and Rigetti benefited from the trend.
Rigetti stock will likely continue to see high levels of trading volatility in the near term. With geopolitical volatility likely to take center stage in the next week of trading, highly growth-dependent tech plays could face pullbacks.
Rigetti is scheduled to report its fourth-quarter results and host an investor conference call after the market closes on March 4. After IonQ’s strong quarterly results, the pressure is on for Rigetti to deliver its own performance beats or risk being seen as falling behind in the quantum race.
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