Why Rigetti Computing, Inc. (RGTI) Crashed On Friday

We recently published a list of These 10 Stocks Lost This Much Today. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against other Friday’s worst performers.

Rigetti Computing extended its losing streak to a third consecutive day on Friday, shedding 7.91 percent to finish at $12.11 apiece as investors sold off positions following a $350-million share sale that could pave the way for the potential dilution of existing shareholders’ equity.

Under the program, Jefferies LLC will act as the sales agent, facilitating stock sales directly on behalf of Rigetti Computing, Inc. (NASDAQ:RGTI).

In the first quarter of the year, Rigetti Computing, Inc. (NASDAQ:RGTI) swung to a net income attributable to shareholders of $38.2 million versus a $20.77 million net loss in the same period last year.

A close up of an engineer typing at a quantum computing station in a modern office space.

Revenues, on the other hand, fell by 52 percent to $1.47 million from $3.05 million in the same period last year, as loss from operations expanded by 30 percent to $21.6 million from $16.58 million year-on-year.

Rigetti Computing, Inc. (NASDAQ:RGTI) is banking on the series of partnerships it clinched recently, including its inclusion in the Defense Advanced Research Projects Agency’s Quantum Benchmarking Initiative, leading a 3.5-million euro consortium to advance quantum error correction capabilities on superconducting quantum computers in the UK, among others.

Overall, RGTI ranks 9th on our list of Friday’s worst performers. While we acknowledge the potential of RGTI, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RGTI and that has 10,000x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.