Rigetti Computing, Inc. (NASDAQ:RGTI) Short Interest Update

Rigetti Computing, Inc. (NASDAQ:RGTI) saw a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 44,820,000 shares, a growth of 23.4% from the December 15th total of 36,310,000 shares. Approximately 20.8% of the shares of the company are short sold. Based on an average trading volume of 89,730,000 shares, the days-to-cover ratio is currently 0.5 days.

Rigetti Computing Price Performance

RGTI traded down $1.41 during trading on Friday, reaching $9.83. The company’s stock had a trading volume of 154,289,813 shares, compared to its average volume of 164,253,664. The company has a market cap of $1.89 billion, a price-to-earnings ratio of -25.87 and a beta of 1.31. The firm has a fifty day simple moving average of $7.79 and a two-hundred day simple moving average of $3.33. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Buying and Selling at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares of the company’s stock, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total value of $1,085,106.72. Following the transaction, the insider now owns 20,868,332 shares in the company, valued at $31,719,864.64. This represents a 3.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its stake in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after purchasing an additional 617,506 shares during the period. Penserra Capital Management LLC raised its position in shares of Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after buying an additional 407,389 shares during the period. Bank of New York Mellon Corp lifted its holdings in Rigetti Computing by 3,788.5% in the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock valued at $439,000 after acquiring an additional 400,143 shares during the last quarter. State Street Corp lifted its holdings in Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after acquiring an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers purchased a new position in Rigetti Computing in the second quarter worth approximately $161,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. B. Riley increased their target price on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday. Craig Hallum started coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Benchmark restated a “buy” rating and issued a $2.50 target price on shares of Rigetti Computing in a research report on Thursday, November 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Rigetti Computing presently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Company Profile

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.