Rigetti Computing (NasdaqCM:RGTI) Jumps 21% In A Week

Rigetti Computing (NasdaqCM:RGTI) recently experienced a significant share price rise of approximately 21% last week, following their selection to participate in the DARPA Quantum Benchmarking Initiative. This development highlights their advancements in quantum computing, as their move to Stage A involves a detailed assessment of their utility-scale quantum computer concept, supported by a notable partnership with Riverlane. Despite the broader market increasing by 5% over the same period, Rigetti's news likely added weight to this movement with its unique positioning in the growing quantum computing field.

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Over the past year, Rigetti Computing's total shareholder return was very large. In comparison, the company's 1-year return exceeded both the US market's 3.6% and the US Semiconductor industry's 3.8%. This positions Rigetti favorably amid broader market conditions, highlighting its growth potential and market traction, especially in the quantum computing sector.

The recent DARPA initiative selection and partnership with Riverlane are positioned to influence Rigetti's future revenue and earnings positively. Despite current unprofitability, these developments might provide momentum for the company's forecasted revenue growth of 39.2% per year. However, profitability remains a distant target, as indicated by current and forecasted earnings. With shares significantly discounted from the consensus analyst price target of US$15.00, the company's stock movement reflects potential for upward adjustment, albeit in a volatile price context.

Learn about Rigetti Computing's future growth trajectory here.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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