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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 56,820,000 shares, an increase of 20.6% from the January 15th total of 47,120,000 shares. Approximately 26.5% of the shares of the stock are short sold. Based on an average daily volume of 140,630,000 shares, the days-to-cover ratio is presently 0.4 days.

Rigetti Computing Trading Down 3.6 %

Rigetti Computing stock traded down $0.44 during trading hours on Monday, reaching $11.81. 48,048,684 shares of the company’s stock traded hands, compared to its average volume of 169,707,248. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of -31.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The firm’s 50 day moving average is $11.99 and its 200-day moving average is $5.01.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RGTI. Needham & Company LLC reiterated a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley raised their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday. Craig Hallum started coverage on Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a report on Thursday, November 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $7.00.

Insider Transactions at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is owned by insiders.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC acquired a new stake in Rigetti Computing during the 4th quarter worth $25,000. EverSource Wealth Advisors LLC bought a new position in shares of Rigetti Computing in the 4th quarter worth $28,000. Tucker Asset Management LLC acquired a new stake in shares of Rigetti Computing during the fourth quarter worth $32,000. Arete Wealth Advisors LLC bought a new stake in Rigetti Computing in the third quarter valued at about $45,000. Finally, Spire Wealth Management acquired a new position in Rigetti Computing in the fourth quarter valued at about $46,000. 35.38% of the stock is owned by institutional investors.

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.