TLDR
- Rigetti Computing (RGTI) rose nearly 8% on Tuesday, outperforming the broader tech sector’s 2.82% gain
- The rally was driven by broad market buying, not quantum-specific news — Nasdaq ended a three-day losing streak
- Five quantum stocks gained between 3.71% and 9.28%, with Infleqtion (INFQ) leading the pack
- RGTI remains technically weak — still 34% below its 200-day moving average with a death cross in place
- Analysts maintain a consensus Buy rating with an average price target of $31.60; Q2 earnings are due Aug. 11
Rigetti Computing (RGTI) climbed nearly 8% on Tuesday, hitting $15.34, as investors rotated back into speculative technology names during a broad market recovery.
The Nasdaq Composite rose 1.3%, snapping a three-day losing streak. The Philadelphia Semiconductor Index surged 5.2%, pulling AI and advanced computing stocks higher with it. That backdrop gave quantum stocks a lift across the board.
RGTI wasn’t alone. D-Wave Quantum (QBTS) gained 6.46%, IonQ (IONQ) rose 3.71%, Quantum Computing Inc. (QUBT) added 3.79%, and Infleqtion (INFQ) led the group with a 9.28% gain. The move looked like a sector rotation, not a reaction to any company-specific news.
Rigetti outpaced the broader tech sector by nearly five percentage points. The S&P 500 rose 0.88%, the Dow added 0.75%, and the Russell 2000 gained 1.28%.
Technical Picture Still Weak
Tuesday’s bounce doesn’t clean up the technical picture. RGTI trades about 10.9% below its 20-day moving average of $17.12 and roughly 34% below its 200-day moving average of $23.13.
The death cross that formed in February remains in place. The MACD is still below its signal line, and price action continues to show lower highs and lower lows. Resistance sits near $16.50, with support around $15.
The 30-day performance for the tech sector is still negative, down 5.96%, even as it holds a 14.3% gain over the past 90 days.
Earnings on Deck
Rigetti is set to report Q2 results on Aug. 11. Wall Street expects a loss of 5 cents per share, improved from a 13-cent loss a year ago. Revenue is projected to come in at $5.09 million, up from $1.80 million in the same period last year.
The consensus analyst rating is Buy, with an average price target of $31.60. Rosenblatt has the most bullish outlook at $40, followed by Needham at $31 and Mizuho at $27 with an Outperform rating.
RGTI is also a 5.57% holding in the WisdomTree Quantum Computing Fund (WQTM), which rose 3.45% on Tuesday. Fund flows can add an extra layer of buying or selling pressure on the stock.
Rigetti was up 7.65% at $15.34 at the time of publication.
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