Rigetti Computing Inc. (RGTI) had a rough Thursday, dropping 8.25% to $15.07 as the quantum computing company got swept up in a broader tech sector rout. The Nasdaq fell 1.68% and the S&P 500 slid 1.05%, dragging down speculative tech names along the way.

Short Sellers Pile In

Adding to the pressure, short interest in Rigetti jumped during the most recent reporting period. Bears increased their bets from 43.24 million shares to 45.46 million shares, now representing 13.84% of the company's publicly available float.

With average daily trading volume running around 33.84 million shares, it would take roughly 1.34 days for short sellers to fully unwind their positions. That's not particularly high by meme stock standards, but it does show growing skepticism about the quantum computing space.

Technical Picture Looking Shaky

The charts aren't exactly inspiring confidence. Rigetti is trading 27.2% below its 20-day simple moving average and a painful 48.7% below its 100-day SMA, both pointing to bearish momentum in the near and medium term. The stock has managed a 26.68% gain over the past year, but it's currently sitting much closer to its 52-week lows than highs.

The RSI sits at 35.02, which puts it in neutral territory—neither screaming oversold nor flashing warning signs of froth. Meanwhile, the MACD is trading below its signal line, suggesting continued bearish pressure. It's a mixed picture that reflects the volatility plaguing this name.

• Key Resistance: $17.00
• Key Support: $14.50

What Analysts Are Saying

Despite the technical weakness, Wall Street analysts remain surprisingly optimistic. The consensus rating is a Buy with an average price target of $25.91, which implies considerable upside from current levels.

Recent analyst activity has been supportive:

• B. Riley Securities: Upgraded to Buy with a $35.00 target (Jan. 22)
• Wedbush: Outperform rating with target raised to $40.00 (Jan. 21)
• Rosenblatt: Buy rating with $40.00 target maintained (Jan. 21)

The next major test arrives on March 4, 2026, when Rigetti reports earnings. Analysts expect a loss of 4 cents per share, an improvement from the 8-cent loss posted in the year-ago period. Revenue is projected at $2.46 million, up from $2.27 million the prior year.