Rigetti Computing, Inc. (NASDAQ:RGTI) is one of the stocks drowned heavily. Are you holding any?
Rigetti Computing dropped its share prices by 9.44 percent week-on-week as investor sentiment was dragged down by an investment company’s pessimistic comments about its stock.
In a market note last week, Zacks Research gave Rigetti Computing, Inc. (NASDAQ:RGTI) a “sell” recommendation, taking path from the first quarter’s surprisingly disappointing earnings results and expectations that it will carry over to its next earnings results.
“[Rigetti Computing, Inc. (NASDAQ:RGTI)] reported revenues of $1.47 million in the last reported quarter, representing a year-over-year change of -51.8 percent. EPS of -$0.08 for the same period compares with -$0.14 a year ago. Compared to the Zacks Consensus Estimate of $2.46 million, the reported revenues represent a surprise of -40.16 percent. The EPS surprise was -60 percent,” Zacks Research underscored.
A close up of an engineer typing at a quantum computing station in a modern office space.
“Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates times over this period,” it added.
According to Zacks Research, Rigetti Computing, Inc. (NASDAQ:RGTI) is currently trading at a premium to its peers, having returned 21.5 percent over the past month, while the Internet/Software industry, to which it belongs, gained by only 2.7 percent during the period.
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Disclosure: None. This article is originally published at Insider Monkey.
