Short Interest in Rigetti Computing, Inc. (NASDAQ:RGTI) Rises By 20.6%

Rigetti Computing, Inc. (NASDAQ:RGTI) saw a significant increase in short interest in 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. Currently, 26.5% of the company’s stock are short sold. Based on an average daily trading volume, of 140,630,000 shares, the short-interest ratio is currently 0.4 days.

Insiders Place Their Bets

In other news, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the sale, the director now owns 1,063,864 shares in the company, valued at approximately $5,351,235.92. This represents a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 375,000 shares of company stock worth $1,503,750 over the last 90 days. Company insiders own 2.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Schonfeld Strategic Advisors LLC purchased a new position in Rigetti Computing in the 4th quarter worth approximately $186,000. Northern Trust Corp lifted its stake in Rigetti Computing by 19.2% in the 4th quarter. Northern Trust Corp now owns 1,328,083 shares of the company’s stock worth $20,267,000 after purchasing an additional 213,579 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new position in Rigetti Computing in the 4th quarter worth approximately $848,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Rigetti Computing by 37.7% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 62,740 shares of the company’s stock worth $958,000 after buying an additional 17,165 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC acquired a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $313,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Price Performance

Rigetti Computing stock traded down $0.44 during midday trading on Friday, reaching $11.81. The company had a trading volume of 48,048,684 shares, compared to its average volume of 169,707,248. The company has a market capitalization of $2.27 billion, a P/E ratio of -31.08 and a beta of 1.26. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42. The firm’s fifty day simple moving average is $11.99 and its 200-day simple moving average is $4.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Wall Street Analysts Forecast Growth

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

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.