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

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

Analyst Ratings Changes

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

Rigetti Computing Trading Down 12.5 %

Rigetti Computing stock traded down $1.41 during trading hours on Friday, reaching $9.83. The company had a trading volume of 154,289,813 shares, compared to its average volume of 219,324,219. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -25.87 and a beta of 1.31. 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 current ratio of 4.84 and a quick ratio of 4.84. The company has a 50-day moving average price of $7.63 and a 200 day moving average price of $3.27.

Insider Transactions at Rigetti Computing

In other news, 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 transaction of $375,000.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $1.52, for a total value of $1,085,106.72. Following the completion of the transaction, the insider now directly owns 20,868,332 shares in the company, valued at approximately $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 90 days, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RGTI. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the 3rd quarter worth $45,000. SG Americas Securities LLC boosted its holdings in shares of Rigetti Computing by 166.9% during the third 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. grew its stake in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock worth $49,000 after purchasing an additional 2,045 shares during the last quarter. Point72 DIFC Ltd purchased a new position in Rigetti Computing during the 2nd quarter valued at about $88,000. Finally, Barclays PLC raised its position in Rigetti Computing by 275.6% during 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 last quarter. 35.38% of the stock is owned by hedge funds and other 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.