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Rigetti Computing (RGTI) Soars 42.2%: Is Further Upside Left in the Stock?
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Rigetti Computing, Inc. (RGTI - Free Report) shares soared 42.2% in the last trading session to close at $13.98. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.3% loss over the past four weeks.
RGTI is benefitting from an expanding clientele and its growing influence in the quantum computing space.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +11.1%. Revenues are expected to be $2.4 million, down 29% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rigetti Computing, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RGTI going forward to see if this recent jump can turn into more strength down the road.
Rigetti Computing is a member of the Zacks Internet - Software industry. One other stock in the same industry, Asana, Inc. (ASAN - Free Report) , finished the last trading session 5.6% higher at $20.42. ASAN has returned -9.9% over the past month.
For Asana, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. This represents a change of +75% from what the company reported a year ago. Asana currently has a Zacks Rank of #2 (Buy).
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Rigetti Computing (RGTI) Soars 42.2%: Is Further Upside Left in the Stock?
Rigetti Computing, Inc. (RGTI - Free Report) shares soared 42.2% in the last trading session to close at $13.98. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 10.3% loss over the past four weeks.
RGTI is benefitting from an expanding clientele and its growing influence in the quantum computing space.
This company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +11.1%. Revenues are expected to be $2.4 million, down 29% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Rigetti Computing, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RGTI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Rigetti Computing is a member of the Zacks Internet - Software industry. One other stock in the same industry, Asana, Inc. (ASAN - Free Report) , finished the last trading session 5.6% higher at $20.42. ASAN has returned -9.9% over the past month.
For Asana, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.01. This represents a change of +75% from what the company reported a year ago. Asana currently has a Zacks Rank of #2 (Buy).