Rigetti Computing Inc. (NASDAQ:RGTI) is seeing a massive surge in its relative stock strength, with its Benzinga Edge momentum score jumping week-on-week from 25.7 to 73.28.
Surging Momentum And Revenue Beat
This technical breakout follows a strong first-quarter performance, in which the quantum computing pioneer reported revenue of $4.4 million, beating analyst consensus estimates of $3.97 million by 10.86%.
While the stock is down 7.40% year-to-date, it has rallied significantly in the short term, posting a 39.71% gain over the past month.
Understanding The Momentum Metric
According to Benzinga Edge Stock Rankings’ descriptions, the momentum score measures a stock’s relative strength based on its price movement patterns and volatility over multiple timeframes, ranking it as a percentile against peers.
Rigetti‘s tripling momentum score underscores growing investor confidence in its commercial pipeline.
Technical Milestones Drive Growth
Rigetti's financial performance is closely tied to recent operational milestones. In the first quarter, the company brought its 108-qubit Cepheus-1-108Q system into general availability across major cloud platforms.
CEO Dr. Subodh Kulkarni called it an “important validation of our chiplet-based architecture in a production setting”.
Wall Street Maintains ‘Buy’ Ratings
The momentum is further supported by steadfast bullish sentiment from Wall Street. Rosenblatt reiterated its “Buy” rating and a $40.00 price target, highlighting the recent shipment of a 9-qubit Novera system to the University of Saskatchewan.
Analysts at Rosenblatt noted this could deliver an additional $900,000 in revenue upside for the quarter, potentially leading to multiple system sales throughout 2025.
Needham also maintained its “Buy” rating, raising its FY26 revenue estimate to $21.0 million—driven by higher system sales—despite trimming its price target to $31.00.
RGTI Surges Over The Year
The stock is currently down 7.40% YTD and 34.68% over the last six months. Meanwhile, the Nasdaq Composite index was up 13.08% in the same period.
Over the year, RGTI has surged by 93.86%. With a 52-week range of $9.85 to $58.15, it closed Monday 8.29% higher at $20.51 apiece, and it was lower by 0.63% in premarket on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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