BUZZ - Rigetti Computing shares drop as third-quarter results miss expectations

November 11 - ** Quantum computing company Rigetti Computing RGTI.O shares fell 4.7% in afternoon trading to $11.60

** According to data compiled by London Stock Exchange Group (LSEG), RGTI reported a quarterly adjusted net loss of $20.47 million, higher than analysts' expectations of $17.09 million

** The company's third-quarter revenue was $1.41 million, falling short of analysts' expectations of $3.52 million

** RGTI issued full-year revenue guidance of $20 million, while the average analyst expectation was $22.9 million

** TD Cowen stated that despite the company's progress on its technology roadmap, its revenue and order backlog remain limited compared to peers

** At least four brokerage firms have lowered their target price for the company

** According to LSEG-compiled data, among 13 brokerages rating the stock, 9 have a "buy" rating and 4 have a "hold" rating; the median target price is $20

** Including current-day fluctuations, RGTI has fallen about 48% so far this year

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