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.
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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.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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