Is Rigetti Computing, Inc. overvalued or undervalued?

As of 15 November 2021, Rigetti Computing, Inc. has moved from a grade of "does not qualify" to "risky." The company is currently overvalued based on its financial metrics. Key ratios include a Price to Book Value of 15.93, an EV to EBIT of -42.03, and an EV to EBITDA of -46.42, indicating significant losses and a lack of profitability.
When compared to peers, Rigetti's valuation appears unfavorable; for instance, D-Wave Quantum, Inc. has a more extreme EV to EBITDA of -66.53, while One Stop Systems, Inc. shows a less severe EV to EBITDA of -7.11. Despite a remarkable one-year stock return of 1032.1%, which outperformed the S&P 500's 10.26%, the current valuation metrics suggest that Rigetti is not a sound investment at its present price of $10.79.