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 December. As of December 31st, there was short interest totalling 44,820,000 shares, an increase of 23.4% from the December 15th total of 36,310,000 shares. Currently, 20.8% of the shares of the company are sold short. Based on an average daily trading volume, of 89,730,000 shares, the days-to-cover ratio is currently 0.5 days.

Wall Street Analyst Weigh In

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

Rigetti Computing Trading Down 12.5 %

Shares of NASDAQ:RGTI traded down $1.41 during mid-day trading on Friday, hitting $9.83. The stock had a trading volume of 154,289,813 shares, compared to its average volume of 164,253,664. The company’s 50 day moving average is $7.79 and its 200-day moving average is $3.33. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42. 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 company has a market cap of $1.89 billion, a PE ratio of -25.87 and a beta of 1.31.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RGTI. Sovereign Financial Group Inc. acquired a new stake in shares of Rigetti Computing during the fourth quarter worth approximately $215,000. Greenhouse Wealth Management LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter valued at about $223,000. Traynor Capital Management Inc. bought a new stake in shares of Rigetti Computing in the 4th quarter valued at approximately $244,000. Pure Financial Advisors LLC acquired a new position in Rigetti Computing in the fourth quarter worth approximately $252,000. Finally, LVW Advisors LLC acquired a new position in Rigetti Computing during the fourth quarter worth $305,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

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.