Rigetti Computing, Inc. (NASDAQ:RGTI) Sees Significant Increase in Short Interest

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 34,850,000 shares, a growth of 33.4% from the November 15th total of 26,130,000 shares. Currently, 17.2% of the company’s stock are sold short. Based on an average daily volume of 29,970,000 shares, the days-to-cover ratio is presently 1.2 days.

Analyst Upgrades and Downgrades

RGTI has been the subject of a number of research analyst reports. Benchmark restated a “buy” rating and issued a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and issued a $2.00 target price on shares of Rigetti Computing in a research report on Wednesday, November 13th. Finally, B. Riley increased their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th.

Rigetti Computing Stock Performance

Rigetti Computing stock traded up $1.19 during mid-day trading on Friday, reaching $7.16. The company’s stock had a trading volume of 123,454,094 shares, compared to its average volume of 105,521,808. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a twelve month low of $1.13 and a twelve month high of $7.96. The business has a 50 day moving average price of $2.08 and a 200-day moving average price of $1.33. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -18.84 and a beta of 2.72.

Insider Activity

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the firm’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 transaction of $375,000.00. Following the completion of the sale, the director now owns 1,313,864 shares in the company, valued at $3,941,592. This trade represents a 8.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Helene Gail Sandford sold 43,200 shares of Rigetti Computing stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,998,325 shares of company stock worth $5,524,778. 2.81% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. SG Americas Securities LLC acquired a new stake in Rigetti Computing during the second quarter worth about $25,000. Cetera Advisors LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter worth approximately $38,000. Caprock Group LLC bought a new stake in shares of Rigetti Computing in the 2nd quarter worth approximately $42,000. Jane Street Group LLC boosted its position in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock valued at $191,000 after purchasing an additional 47,013 shares during the period. Finally, Arete Wealth Advisors LLC bought a new position in Rigetti Computing during the 3rd quarter worth $45,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.