Rigetti Computing Target of Unusually Large Options Trading (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of unusually large options trading activity on Wednesday. Stock investors purchased 90,729 call options on the company. This represents an increase of approximately 199% compared to the typical daily volume of 30,358 call options.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $4.00, for a total transaction of $500,000.00. Following the transaction, the director now directly owns 1,188,864 shares in the company, valued at approximately $4,755,456. The trade was a 9.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction 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 $31,719,864.64. This trade represents a 3.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,955,125 shares of company stock worth $5,489,354. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of RGTI. SG Americas Securities LLC bought a new position in Rigetti Computing in the 2nd quarter worth $25,000. Caprock Group LLC purchased a new position in Rigetti Computing during the second quarter valued at $42,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing during the third quarter valued at $45,000. Point72 DIFC Ltd bought a new stake in Rigetti Computing in the 2nd quarter valued at $88,000. Finally, Barclays PLC grew its holdings 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 buying an additional 136,443 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

Shares of RGTI opened at $11.35 on Thursday. Rigetti Computing has a one year low of $0.66 and a one year high of $12.75. The business has a fifty day moving average of $3.56 and a 200 day moving average of $1.84. 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 market capitalization of $2.18 billion, a P/E ratio of -29.87 and a beta of 2.72.

Analyst Ratings Changes

A number of analysts recently issued reports on RGTI shares. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Craig Hallum initiated coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. 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, B. Riley raised their price target on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and an average target price of $4.80.

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.