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Rigetti Computing Inc. RGTI stock climbed nearly 8% on Tuesday as investors returned to higher-risk technology stocks during a broad market rally.
The Nasdaq gained 1.95%, while the S&P 500 rose 0.88%. The Technology sector led all 11 sectors with a 2.82% advance, reflecting strong demand for growth stocks.
Rigetti Computing Joins Technology Sector Rally
Rigetti’s gains appeared to mirror the broader shift toward riskier technology names. Positive market breadth, with eight sectors advancing and three declining, supported the move.
The stock also benefited from a rebound after a recent selloff. Even so, Tuesday’s rally looks more like a bounce from depressed levels than a confirmed trend reversal.
Rigetti outperformed both the broader market and the Technology sector. The Dow Jones Industrial Average rose 0.75%, while the Russell 2000 gained 1.28%, reinforcing investor appetite for risk assets.
Technical Picture Remains Weak
Despite Tuesday’s advance, Rigetti remains below key technical levels. The stock trades about 10.9% below its 20-day simple moving average of $17.12 and roughly 34.1% below its 200-day simple moving average of $23.13.
The longer-term trend also remains under pressure. The 20-day moving average is below the 50-day moving average, while the death cross that formed in February remains intact. Recent price action continues to show lower highs and lower lows.
Momentum indicators also suggest caution. The moving average convergence divergence (MACD) remains below its signal line, indicating bullish momentum has yet to strengthen.
The next resistance level is around $16.50, near the 20-day exponential moving average. Initial support sits near the $15 level.
Rigetti Computing Outperforms Technology Sector
Rigetti rose about 7.5%, outperforming the Technology sector’s 2.82% gain by nearly 4.7 percentage points.
Over the past 30 days, the Technology sector has declined 5.96%. However, it remains up 14.3% over the past 90 days, highlighting the sector’s recent volatility.
Quantum Computing Business
Rigetti develops superconducting quantum computers and quantum processors. The company sells systems ranging from 9-qubit to 108-qubit models under the Novera and Cepheus brands.
It also provides access to its quantum systems through Rigetti Quantum Cloud Services, allowing customers to use its technology through public, private and hybrid cloud environments.
Because quantum computing remains an emerging industry, the stock often experiences larger price swings as investor sentiment shifts.
Rigetti Computing Earnings Preview
Rigetti is expected to report second-quarter results on Aug. 11.
Wall Street expects the company to post a loss of 5 cents per share, compared with a loss of 13 cents a year earlier. Revenue is projected to increase to $5.09 million from $1.80 million.
The stock carries a consensus Buy rating with an average analyst price forecast of $31.60. Rosenblatt maintains a Buy rating with a $40 price forecast, while Mizuho rates the stock Outperform with a $27 price forecast. Needham also maintains a Buy rating with a $31 price forecast.
The Funds Most Invested In RGTI
Rigetti is a 5.57% holding in the WisdomTree Quantum Computing Fund ETF WQTM. As a result, fund inflows and outflows can influence demand for the stock.
RGTI Price Action: Rigetti Computing shares were up 7.65% at $15.34 at the time of publication on Tuesday, according to Benzinga Pro data.
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This article What's Going on With Rigetti Computing Stock Tuesday? originally appeared on Benzinga.com.
