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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 34,850,000 shares, an increase of 33.4% from the November 15th total of 26,130,000 shares. Approximately 17.2% of the shares of the company are short sold. Based on an average daily volume of 29,970,000 shares, the short-interest ratio is currently 1.2 days.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, B. Riley lifted their price target on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Price Performance

Shares of RGTI traded up $1.19 during mid-day trading on Friday, hitting $7.16. The company’s stock had a trading volume of 123,454,094 shares, compared to its average volume of 105,521,808. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a 50-day moving average price of $2.08 and a 200 day moving average price of $1.33. Rigetti Computing has a fifty-two week low of $1.13 and a fifty-two week high of $7.96. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -18.84 and a beta of 2.72.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total transaction of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,998,325 shares of company stock worth $5,524,778. Insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

Large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at $25,000. Cetera Advisors LLC purchased a new stake in Rigetti Computing during the first quarter valued at about $38,000. Caprock Group LLC acquired a new position in shares of Rigetti Computing in the second quarter worth about $42,000. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth approximately $45,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing during the second quarter valued at approximately $88,000. 35.38% of the stock is currently owned by institutional investors.

About Rigetti Computing

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.