Stock Traders Purchase High Volume of Call Options on Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the recipient of unusually large options trading on Wednesday. Traders bought 114,005 call options on the company. This is an increase of 35% compared to the typical volume of 84,223 call options.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total transaction of $945,603.75. Following the completion of the sale, the insider now owns 19,002,093 shares of the company's stock, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction on Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the sale, the director now directly owns 1,063,864 shares of the company's stock, valued at $5,351,235.92. This represents a 10.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,955,125 shares of company stock valued at $5,489,354 over the last three months. Company insiders own 2.81% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC purchased a new position in shares of Rigetti Computing in the third quarter worth about $45,000. SG Americas Securities LLC increased its holdings in shares of Rigetti Computing by 166.9% in the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company's stock worth $49,000 after buying an additional 39,526 shares during the period. JPMorgan Chase & Co. increased its holdings 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 buying an additional 2,045 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Rigetti Computing in the second quarter worth about $88,000. Finally, Barclays PLC increased its holdings in shares of Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company's stock worth $145,000 after buying an additional 136,443 shares during the period. Hedge funds and other institutional investors own 35.38% of the company's stock.

Rigetti Computing Price Performance

RGTI stock traded up $1.99 during mid-day trading on Wednesday, hitting $10.94. 386,606,559 shares of the stock were exchanged, compared to its average volume of 221,976,391. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of -28.79 and a beta of 1.31. The business has a fifty day moving average price of $7.24 and a 200 day moving average price of $3.16. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. Rigetti Computing has a 12 month low of $0.66 and a 12 month high of $21.42.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RGTI. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a "buy" rating and a $12.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley lifted their price target on Rigetti Computing from $4.00 to $8.50 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Benchmark reaffirmed a "buy" rating and set a $2.50 price target on shares of Rigetti Computing in a research note on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $5.70.

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.