On August 7, Rigetti Computing rose 5.17% in regular trading, trading at $16.96/share, with turnover of $116 million. The rebound followed Wedbush's decision to maintain its Outperform rating on the stock, adjusting its price target to $37 from $40, after the company reported Q2 results the previous session.

Rigetti posted Q2 adjusted loss of $0.05 per share, in line with consensus estimates and representing a 61.54% improvement from the year-ago loss of $0.13. Revenue came in at $5.1 million, up approximately 175% year-over-year from $1.8 million, though slightly below the Street estimate of $5.15 million. The stock had initially fallen over 5% in after-hours trading following the earnings release due to the marginal revenue miss.

The intraday recovery was supported by Wedbush's continued bullish stance, with analysts polled by FactSet assigning an average overweight rating and a mean price target of $29.82. The company's recent $5 million NSF grant and collaboration with HPE on the TangleLab hybrid quantum-classical supercomputing testbed, with construction slated for September, provided additional fundamental support.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)