Dear Rigetti Stock Fans, Mark Your Calendars for March 12
Rigetti Computing (RGTI), a leader in full-stack quantum-classical computing, is about to step into the spotlight at the Cantor Global Technology Conference on March 12, 2025. The company's CEO, Dr. Subodh Kulkarni, will take part in a fireside chat, which is expected to garner much attention.
Cantor's inaugural event is bringing together some of the brightest minds across both public and private sectors to dive into the future of technology. With fireside chats, presentations, and panels, this gathering would be a treasure trove of insights. Investors, in particular, should closely watch for updates regarding Rigetti's cutting-edge technology and potential new deals.
About Rigetti Stock
California-based Rigetti Computing (RGTI) has carved out its place as a trailblazer in full-stack quantum-classical computing. Since 2017, the company has been delivering quantum computing capabilities through the cloud, serving a range of global clients via its Rigetti Quantum Cloud Services platform.
With a market cap of around $1.8 billion, Rigetti's proprietary quantum-classical infrastructure offers seamless integration with both public and private clouds, enabling practical quantum computing applications. Notably, the company has introduced the industry's first multi-chip quantum processor, taking a significant step towards scalable quantum computing systems.
The company's growth is nothing short of remarkable. Over the past 52 weeks, RGTI has surged a stunning 284%, far outpacing the S&P 500 Index's ($SPX) 9.5% increase. Even more striking is the 938% surge over the last six months.
High-growth stocks like Rigetti often come with a lofty price tag, which is reflected in its valuation multiples. The stock boasts an eye-popping price-sales ratio of 151.6x, towering over the sector median of 3.01x, highlighting the market's enthusiasm for the company.
Rigetti Misses on Q4 Earnings
On March 5, Rigetti reported its fourth-quarter results, missing both Wall Street's top- and bottom-line forecasts. But despite a disappointing earnings report, investors shrugged off the results, driving the stock up by 4% in the following session. The company reported revenue of $2.3 million, falling short of the expected $2.5 million and reflecting a 32.6% year-over-year decline from the previous year's quarter.
In addition, Rigetti posted a loss of $0.68 per share, significantly worse than the estimated loss of $0.07 per share. The reported figure also marked a significant 655.6% year-over-year increase in losses. Despite these setbacks, Rigetti's strides in strengthening its position within the quantum computing market helped boost investor confidence. Last month, the company entered a strategic collaboration with Quanta Computer, a Taiwan-based leader in computer server manufacturing and a Fortune 500 company.
The two companies aim to accelerate the development and commercialization of superconducting quantum computing. They will invest over $100 million each over the next five years, with Quanta also committing $35 million in investment and stock purchases, pending regulatory approval.
The quantum computing industry is expected to experience rapid growth over the next five years. With Quanta's investment, Rigetti is poised to solidify its leadership in the rapidly expanding sector. Looking ahead, analysts tracking Rigetti project the company's loss to narrow by 57% in Q1 and shrink another 36% for the full year.
What Do Analysts Expect for Rigetti Stock?
Despite the company's underwhelming Q4 performance, Alliance Global analyst Brian Kinstlinger has emphasized that progress on Rigetti's technical roadmap is more crucial than quarterly revenue. He views Quanta's partnership with Rigetti as 'yet another validation' of its leadership in the space.
Kinstlinger has a 'Buy' rating on RGTI and has increased his price target from $15 to $16. Similarly, Needham reaffirmed its 'Buy' rating with a $17 target price. Benchmark has also raised its target for RGTI, increasing it from just $2.50 to $14.00 while maintaining a 'Buy' rating.
Overall, Wall Street has a bullish outlook on RGTI, with a consensus rating of 'Strong Buy.' Of the five analysts covering the stock, four recommend a 'Strong Buy,' while one suggests a 'Moderate Buy.' The average price target of $14.60 represents potential upside of 89%, while Needham's Street-high target of $17 suggests that the stock can climb as much as 120% from here.
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