Rigetti Computing Inc. (NASDAQ: RGTI) stock surged Monday as a broader market rally, gains from Friday and anticipation of Tuesday's earnings report boosted investor sentiment.

The Nasdaq climbed 2.52%, while the S&P 500 gained 1.69%.

Quantum computing peer IonQ Inc. (NYSE: IONQ) reported third-quarter results Thursday, with revenue of $173.83 million topping analyst estimates of $141.63 million. The company also raised its full-year 2026 revenue forecast above expectations.

Rigetti Earnings Preview

Rigetti is scheduled to report third-quarter earnings Tuesday.

Analysts expect a loss of 5 cents per share, compared with a loss of 3 cents per share a year earlier.

Revenue is expected to climb to $3.52 million from $1.95 million in the year-ago quarter.

Analysts See Significant Upside

Rigetti carries an average analyst price forecast of $25.38, implying 108.5% upside from the referenced share price.

Of the 10 analysts covering the stock, nine rate it Buy, while one recommends Hold. Price forecasts range from $3.50 to $40.

On Monday, B. Riley Securities lowered its price forecast from $25 to $23 but maintained its Buy rating.

Technical Analysis

Rigetti faces technical challenges despite Monday's rally.

At the referenced price of $11.76, the stock traded slightly above its 20-day simple moving average (SMA) of $11.68.

However, shares remained 12.5% below their 50-day SMA, 21.2% below their 100-day SMA and 27.6% below their 200-day SMA.

The relative strength index (RSI) stood at 48.15, signaling neutral momentum.

Meanwhile, the 20-day SMA remained below the 50-day SMA. A bearish crossover in February, when the 50-day SMA fell below the 200-day SMA, also pointed to continued weakness.

The stock has lost 63.35% over the past 12 months.

Traders are watching $12.50 as a potential resistance level, while $11 could provide near-term support.

RGTI Stock Price Activity: Rigetti Computing shares rose 3.79% to $12.20 at last check Monday, according to market data.