Rigetti Computing (NASDAQ: RGTI) continued to trend higher in pre-market trading on Monday after a more than 30% surge on Friday as the developer of quantum integrated circuits posted strong Q2 results. The company reported a second quarter loss of $0.13 per share as compared to a loss of $0.11 per share in the same period last year. Analysts were expecting the company to report a loss of $0.14 per share.
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The company’s revenues went up by 56.3% year-over-year to $3.3 million in Q2 versus Street estimates of $3.4 million. Moreover, the company also completed the sale of its first quantum processing unit (QPU) to a national lab.
Top-rated Benchmark analyst David Williams upgraded the stock to a Buy from a Hold following the Q2 results and set a price target of $4 on the stock. The analyst’s price target implies an upside potential of 75.4% at current levels.
Williams commented, “Fundamentals are tracking to expectations, benefiting from the recent restructuring, which should provide sufficient runway for the next six to eight quarters. The company has been transparent in its liquidity position and continues to expect additional funds will be required to bridge to profitability.”
RGTI stock has soared by more than 200% year-to-date.
