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

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

Analyst Upgrades and Downgrades

Several research firms have commented on RGTI. Craig Hallum assumed coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. B. Riley increased their target price on shares of Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, Benchmark reissued a “buy” rating and set a $2.50 target price 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 data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $5.70.

Rigetti Computing Stock Down 12.5 %

Shares of NASDAQ RGTI traded down $1.41 during trading hours on Friday, hitting $9.83. 154,289,813 shares of the stock were exchanged, compared to its average volume of 164,253,664. The firm has a fifty day moving average price of $7.79 and a 200-day moving average price of $3.33. The company has a market cap of $1.89 billion, a PE ratio of -25.87 and a beta of 1.31. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. Rigetti Computing has a 12 month low of $0.66 and a 12 month high of $21.42.

Insider Buying and Selling

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the sale, the insider now owns 20,868,332 shares in the company, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at approximately $3,941,592. This trade represents a 8.69 % decrease in their ownership of the stock. 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 90 days.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Sovereign Financial Group Inc. acquired a new stake in Rigetti Computing during the 4th quarter worth about $215,000. Greenhouse Wealth Management LLC purchased a new position in shares of Rigetti Computing in the fourth quarter worth about $223,000. Traynor Capital Management Inc. acquired a new stake in shares of Rigetti Computing during the fourth quarter worth about $244,000. Pure Financial Advisors LLC purchased a new stake in Rigetti Computing in the fourth quarter valued at approximately $252,000. Finally, LVW Advisors LLC acquired a new position in Rigetti Computing in the 4th quarter worth approximately $305,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

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.