Short Interest in Rigetti Computing, Inc. (NASDAQ:RGTI) Increases By 23.4%

Rigetti Computing, Inc. (NASDAQ:RGTI) saw a large growth in short interest in 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. Based on an average daily volume of 89,730,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 20.8% of the shares of the company are sold short.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the business’s stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. The trade was a 2.96 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total value of $375,000.00. Following the transaction, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Hedge Funds Weigh In On Rigetti Computing

Several institutional investors have recently modified their holdings of RGTI. Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the third quarter worth about $45,000. SG Americas Securities LLC boosted its stake in Rigetti Computing by 166.9% in the 3rd quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after purchasing an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its holdings in Rigetti Computing by 3.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the 2nd quarter valued at about $88,000. Finally, Barclays PLC raised its stake in shares of Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Rigetti Computing Trading Down 12.5 %

RGTI traded down $1.41 during trading on Friday, reaching $9.83. 154,289,813 shares of the company’s stock were exchanged, compared to its average volume of 164,253,664. The company’s fifty day moving average price is $7.79 and its 200-day moving average price is $3.33. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The firm has a market capitalization of $1.89 billion, a PE ratio of -25.87 and a beta of 1.31. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42.

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.