Rigetti Computing Sees Unusually Large Options Volume (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually large options trading on Wednesday. Stock traders bought 90,729 call options on the stock. This represents an increase of approximately 199% compared to the average daily volume of 30,358 call options.

Insider Buying and Selling

In related news, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $5.03, for a total value of $628,750.00. Following the completion of the sale, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,955,125 shares of company stock worth $5,489,354. Corporate insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Barclays PLC boosted its stake in shares of Rigetti Computing by 275.6% during the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after purchasing an additional 136,443 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Rigetti Computing during the third quarter worth $45,000. Geode Capital Management LLC lifted its holdings in Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. 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 acquiring an additional 47,013 shares in the last quarter. Finally, State Street Corp increased 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 acquiring an additional 309,831 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Stock Up 3.6 %

Shares of NASDAQ RGTI opened at $11.35 on Thursday. The stock has a 50 day moving average price of $3.56 and a 200 day moving average price of $1.84. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -29.87 and a beta of 2.72. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $12.75. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Analyst Ratings Changes

Several brokerages have issued reports on RGTI. Benchmark reissued a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. 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. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $4.80.

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.