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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the recipient of a large increase in short interest in 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 shares of the stock are short sold. Based on an average daily trading volume, of 140,630,000 shares, the days-to-cover ratio is currently 0.4 days.

Insider Activity at Rigetti Computing

In related news, Director Michael S. Clifton sold 125,000 shares of the business's stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the transaction, the director now owns 1,063,864 shares of the company's stock, valued at approximately $5,351,235.92. The trade was a 10.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 375,000 shares of company stock valued at $1,503,750. 2.81% of the stock is owned by corporate insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently made changes to their positions in the stock. Signaturefd LLC purchased a new stake in Rigetti Computing during the fourth quarter valued at about $25,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth about $28,000. Tucker Asset Management LLC purchased a new stake in shares of Rigetti Computing during the 4th quarter worth about $32,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 3rd quarter worth approximately $45,000. Finally, Spire Wealth Management purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $46,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Trading Down 10.9 %

RGTI stock traded down $1.29 on Tuesday, hitting $10.52. 59,846,082 shares of the company were exchanged, compared to its average volume of 153,629,938. 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 stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of -27.68 and a beta of 1.26. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42. The business's fifty day moving average is $12.22 and its two-hundred day moving average is $5.15.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on RGTI shares. Craig Hallum began coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a "buy" rating and a $12.00 price target for the company. B. Riley lifted their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday. Needham & Company LLC reissued a "buy" rating and set a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Finally, Benchmark restated a "buy" rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $7.00.

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.