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Why Rigetti Computing Stock Is Sinking Today Yahoo Finance

Bonisiwe Shabane
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why rigetti computing stock is sinking today yahoo finance

Shares of Rigetti Computing Inc. (NASDAQ:RGTI) slipped Monday after B. Riley Securities analyst Craig Ellis downgraded the stock from Buy to Neutral, even as he raised the price forecast from $35 to $42. The pullback follows a recent rally fueled by speculation that the U.S. Commerce Department was considering taking equity stakes in key quantum computing firms, including Rigetti, to bolster national security. Although the department later clarified it was not engaged in active talks, the report had already sparked optimism about potential government support for the sector.

Also Read: Rigetti, Joby, QuantumScape — Meet The $0 Revenue Moonshots The quantum computing space also drew renewed attention during NVIDIA Corporation’s (NASDAQ:NVDA) GTC event in Washington, D.C., which featured discussions on advancements in quantum technology. This data feed is not available at this time. Q2 revenue was $1.8 million, down roughly 42% year over year; net loss neared $40 million. Soft jobs data and hotter-than-expected inflation data weighed on risk assets like quantum stocks. Shares of Rigetti Computing (NASDAQ: RGTI) are sinking on Tuesday, down 8.7% as of 2:46 p.m.

ET. The drop comes as the S&P 500 loses 0.7% and the Nasdaq Composite loses 1.5%. The quantum computing company's stock is continuing its slide after its recent earnings failed to impress investors and as macro concerns about the direction of the economy are leading investors to jump out of... Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More »

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the... Thomas Fuller / SOPA Images / LightRocket via Getty Images Rigetti Computing (RGTI) shares slumped 10% Tuesday, a day after the provider of quantum computing services' sales sank and its profit came from an accounting gain. The company reported first-quarter revenue plunged 52% year-over-year to $1.5 million. Rigetti did post earnings per share of $0.13, compared to a $0.14 loss the previous year. However, net income of $42.6 million included $62.1 million in "non-cash gains from the change in fair value of derivative warrant and earn-out liabilities."

According to a transcript provided by AlphaSense, CFO Jeffrey Bertelsen told analysts on the earnings call Monday that "lower gross margins on a year-over-year basis were due to ongoing revenues from our contract with... Rigetti Computing, Inc. (NASDAQ:RGTI) shares slid Tuesday, reflecting broader weakness in quantum technology stocks as rising Treasury yields continue to weigh on growth-oriented equities. Amid the market turbulence, Rigetti announced a strategic collaboration with India’s Centre for Development of Advanced Computing (C-DAC), signing a Memorandum of Understanding to explore the co-development of hybrid quantum computing systems for government... The partnership seeks to combine C-DAC’s high-performance computing expertise with Rigetti’s superconducting-qubit technology to design and commercialize practical hybrid systems. Also Read: What’s Going On With Nvidia Stock?

Under the MOU, the parties intend to co-design hybrid quantum architectures, advance related technologies such as cryogenic electronics, and develop application workflows for priority use cases. Please use a PC Browser to access Register-Tadawul Why Is Rigetti Computing Stock Sinking Monday? Shares of Rigetti Computing Inc. (NASDAQ:RGTI) slipped Monday after B. Riley Securities analyst Craig Ellis downgraded the stock from Buy to Neutral, even as he raised the price forecast from $35 to $42.

The pullback follows a recent rally fueled by speculation that the U.S. Commerce Department was considering taking equity stakes in key quantum computing firms, including Rigetti, to bolster national security. Although the department later clarified it was not engaged in active talks, the report had already sparked optimism about potential government support for the sector.

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Shares Of Rigetti Computing Inc. (NASDAQ:RGTI) Slipped Monday After B.

Shares of Rigetti Computing Inc. (NASDAQ:RGTI) slipped Monday after B. Riley Securities analyst Craig Ellis downgraded the stock from Buy to Neutral, even as he raised the price forecast from $35 to $42. The pullback follows a recent rally fueled by speculation that the U.S. Commerce Department was considering taking equity stakes in key quantum computing firms, including Rigetti, to bolster natio...

Also Read: Rigetti, Joby, QuantumScape — Meet The $0 Revenue

Also Read: Rigetti, Joby, QuantumScape — Meet The $0 Revenue Moonshots The quantum computing space also drew renewed attention during NVIDIA Corporation’s (NASDAQ:NVDA) GTC event in Washington, D.C., which featured discussions on advancements in quantum technology. This data feed is not available at this time. Q2 revenue was $1.8 million, down roughly 42% year over year; net loss neared $40 millio...

ET. The Drop Comes As The S&P 500 Loses 0.7%

ET. The drop comes as the S&P 500 loses 0.7% and the Nasdaq Composite loses 1.5%. The quantum computing company's stock is continuing its slide after its recent earnings failed to impress investors and as macro concerns about the direction of the economy are leading investors to jump out of... Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks...

Bill McColl Has 25+ Years Of Experience As A Senior

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the... Thomas Fuller / SOPA Images / LightRocket via Getty Images Rigetti Computing (RGTI) shares slumped 10% Tuesday, a day after the provider of quantum computing services' sales sank and its profit...

According To A Transcript Provided By AlphaSense, CFO Jeffrey Bertelsen

According to a transcript provided by AlphaSense, CFO Jeffrey Bertelsen told analysts on the earnings call Monday that "lower gross margins on a year-over-year basis were due to ongoing revenues from our contract with... Rigetti Computing, Inc. (NASDAQ:RGTI) shares slid Tuesday, reflecting broader weakness in quantum technology stocks as rising Treasury yields continue to weigh on growth-oriented ...