We recently published an article titled Massive Sell-Offs Just Hit These 10 Stocks Today. In this article, we are going to take a look at where Rigetti Computing, Inc. (NASDAQ:RGTI) stands against the other stocks.
Wall Street’s main indices finished mixed on Tuesday, as investors digested the country’s latest inflation figures, which came out lower than expected.
On Tuesday, the Labor Department reported that the Consumer Price Index for April rose by only 0.2 percent last month, bringing the annual inflation rate to 2.3 percent, versus the 2.4 percent in March. It was the lowest annual rate since February 2021.
Only the S&P 500 and the tech-heavy Nasdaq registered gains among all major indices, up by 0.72 percent and 1.61 percent, respectively. The Dow Jones, on the other hand, was down by 0.64 percent.
Beyond the main indices, 10 firms lagged in performance amid negative news, sparking sell-offs.
To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5-million trading volume.
A close up of an engineer typing at a quantum computing station in a modern office space.
Rigetti Computing, Inc. (NASDAQ:RGTI)
Rigetti Computing, Inc. snapped a three-day winning streak on Tuesday, losing 14.59 percent to finish at $9.86 apiece following a significant drop in its topline figures in the first three months of the year.
In a statement, Rigetti Computing, Inc. said revenues 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.
Total operating expenses also grew by 22 percent to $22.07 million from $18.08 million in the same comparable period.
Earlier this year, Rigetti Computing, Inc. a number of projects from the US and UK governments, reflecting its stronghold in the quantum computing sector. This includes its participation in DARPA’s Quantum Benchmarking Initiative, grant of AFOSR award to further develop breakthrough chip fabrication technology, as well as three Innovate UK Quantum Mission pilot awards to advance superconducting quantum computing.
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This article is originally published at Insider Monkey.