Short Interest in Rigetti Computing, Inc. (NASDAQ:RGTI) Expands By 23.4%

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 44,820,000 shares, an increase of 23.4% from the December 15th total of 36,310,000 shares. Approximately 20.8% of the company’s shares are short sold. Based on an average daily volume of 89,730,000 shares, the days-to-cover ratio is presently 0.5 days.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. The trade was a 8.69 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of the stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $1.63, for a total value of $945,603.75. Following the completion of the transaction, the insider now directly owns 19,002,093 shares of the company’s stock, valued at $30,973,411.59. This represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,955,125 shares of company stock valued at $5,489,354.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Rigetti Computing by 20.6% during the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after acquiring an additional 617,506 shares in the last quarter. Penserra Capital Management LLC boosted its stake in Rigetti Computing by 9.8% during the 3rd quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock valued at $3,565,000 after purchasing an additional 407,389 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Rigetti Computing by 3,788.5% in the 2nd 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 in the last quarter. State Street Corp raised its stake in shares of Rigetti Computing by 12.9% in the third quarter. State Street Corp now owns 2,715,223 shares of the company’s stock worth $2,126,000 after purchasing an additional 309,831 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in shares of Rigetti Computing during the second quarter valued at $161,000. Institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Down 12.5 %

Rigetti Computing stock traded down $1.41 during mid-day trading on Friday, reaching $9.83. The stock had a trading volume of 154,289,813 shares, compared to its average volume of 219,324,219. Rigetti Computing has a one year low of $0.66 and a one year high of $21.42. The company has a 50-day moving average price of $7.63 and a two-hundred day moving average price of $3.27. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -25.87 and a beta of 1.31. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Analysts Set New Price Targets

RGTI has been the topic of a number of research reports. Benchmark restated a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum began coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley lifted their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a report on Tuesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock 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.