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

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

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the firm's stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total transaction of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at $30,973,411.59. This trade represents a 2.96 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of the company's 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 transaction, the director now directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Investors Weigh In On Rigetti Computing

Several large investors have recently made changes to their positions in the stock. Penserra Capital Management LLC raised its position in Rigetti Computing by 9.8% during the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company's stock worth $3,565,000 after acquiring an additional 407,389 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% during the 3rd quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company's stock worth $2,837,000 after purchasing an additional 617,506 shares during the last quarter. State Street Corp raised its holdings in shares of Rigetti Computing by 12.9% in the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company's stock valued at $2,126,000 after purchasing an additional 309,831 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Rigetti Computing by 14.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company's stock valued at $901,000 after purchasing an additional 144,742 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Rigetti Computing by 3,788.5% during the second quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company's stock worth $439,000 after purchasing an additional 400,143 shares during the period. Institutional investors and hedge funds own 35.38% of the company's stock.

Rigetti Computing Stock Up 2.7 %

NASDAQ RGTI traded up $0.30 during trading hours on Thursday, hitting $11.24. 255,238,488 shares of the company traded hands, compared to its average volume of 225,700,859. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The business's 50-day moving average is $7.43 and its 200-day moving average is $3.22. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -29.58 and a beta of 1.31. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42.

Wall Street Analysts Forecast Growth

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

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.