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Shares of Rigetti Computing Inc. (NASDAQ:RGTI) slipped Monday after B. Riley Securities analyst Craig Ellis downgraded the stock from Buy to Neutral, even as he raised the price forecast from $35 to $42.
The pullback follows a recent rally fueled by speculation that the U.S. Commerce Department was considering taking equity stakes in key quantum computing firms, including Rigetti, to bolster national security.
Although the department later clarified it was not engaged in active talks, the report had already sparked optimism about potential government support for the sector.
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The quantum computing space also drew renewed attention during NVIDIA Corporation’s (NASDAQ:NVDA) GTC event in Washington, D.C., which featured discussions on advancements in quantum technology.
Rigetti has recently announced approximately $21 million in new contracts, including a 3.5 million-pound U.K. consortium project and a ~$5.8 million agreement with the U.S. Air Force Research Laboratory, signaling continued progress on its roadmap toward a system with over 1,000 qubits.
However, sentiment weakened again following reports of potential new U.S. export restrictions on advanced technologies, causing Rigetti shares to drop.
Investors are now focused on Rigetti’s upcoming third-quarter earnings, with analysts expecting a loss of 4 cents per share on $2.26 million in revenue, slightly below the previous quarter’s $2.38 million.
Price Action: RGTI shares were trading lower by 10.26% to $39.73 at last check Monday.
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Photo by PJ McDonnell via Shutterstock
