TLDR
- Rigetti Computing stock jumped 14.38% to close at $19.09, hitting an 8-month high on Friday
- The company partnered with India’s C-DAC to develop hybrid quantum computing systems
- Stock reached an intraday peak of $20.13, approaching its 52-week high of $21.42
- Company maintains strong cash position of $570 million with minimal debt
- RGTI is included in the Defiance Quantum Computing ETF with over $2 billion in assets
Rigetti Computing stock surged to an 8-month high on Friday as investors piled into the quantum computing company. The stock closed up 14.38% at $19.09 after touching an intraday peak of $20.13.
The rally brought shares within $1.29 of the 52-week high of $21.42. Volume increased during the price surge, supporting the bullish momentum.
Earlier this month, Rigetti announced a partnership with India’s Centre for Development of Advanced Computing. The collaboration targets hybrid quantum computing systems for government labs and academic research.
CEO Subodh Kulkarni highlighted the strategic value of the partnership. “By joining C-DAC’s renowned leadership in high-performance computing solutions with Rigetti’s expertise in superconducting quantum computing systems, we have the opportunity to design and deliver powerful and practical hybrid computing systems,” he said.
Financial Metrics Show Mixed Picture
The company’s financial position presents contrasting elements. Rigetti reported an EBIT margin of -2065% and a profit margin of -2091.9%, indicating heavy operational losses.
Revenue for the quarter totaled just $1.8 million. The EV/sales ratio stands at an extreme 682.69, suggesting the market valuation far exceeds revenue generation capacity.
However, liquidity metrics remain strong. The company holds a current ratio of 41.6 and maintains a total debt-to-equity ratio of just 0.01.
Rigetti’s cash position provides a financial cushion. The company holds approximately $570 million in cash, offering runway for continued development efforts.
The gross margin of 40.6% shows some operational efficiency. This metric indicates the company can generate reasonable margins on its limited revenue base.
Technical Breakout Gains Momentum
The stock has shown consistent upward movement over recent trading sessions. The $18 level now serves as key technical support following the breakout.
A sustained move above $19.10 could signal further upside potential. The recent volume surge adds credibility to the price movement.
Rigetti holds a position in the Defiance Quantum Computing ETF. This inclusion provides institutional backing and exposure to quantum computing themes.
The company plans to launch a 100-plus qubit system by year-end. This expansion represents a key technological milestone for the quantum computing space.
Recent partnerships position Rigetti for international expansion. The India collaboration opens new markets for hybrid quantum solutions.
