Rigetti Computing, Inc. (NASDAQ:RGTI) Sees Large Growth in Short Interest

Rigetti Computing, Inc. (NASDAQ:RGTI) saw a significant growth in short interest in January. As of January 31st, there was short interest totalling 56,820,000 shares, a growth of 20.6% from the January 15th total of 47,120,000 shares. Approximately 26.5% of the company’s shares are sold short. Based on an average daily volume of 140,630,000 shares, the short-interest ratio is presently 0.4 days.

Insiders Place Their Bets

In other Rigetti Computing news, 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 transaction, the director now directly owns 1,063,864 shares in the company, valued at $5,351,235.92. This represents a 10.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 375,000 shares of company stock worth $1,503,750 over the last ninety days. Corporate insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently bought and sold shares of RGTI. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $25,000. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $28,000. Tucker Asset Management LLC purchased a new position in Rigetti Computing in the fourth quarter valued at $32,000. Arete Wealth Advisors LLC purchased a new position in Rigetti Computing in the third quarter valued at $45,000. Finally, Spire Wealth Management purchased a new position in shares of Rigetti Computing during the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Craig Hallum assumed coverage on Rigetti Computing in a research report on Friday, December 20th. They set a “buy” rating and a $12.00 price objective on the stock. B. Riley upped their price objective on Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday. 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 price objective on shares of Rigetti Computing in a research report on Wednesday, November 13th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Price Performance

NASDAQ:RGTI traded down $0.44 during trading hours on Friday, hitting $11.81. The company’s stock had a trading volume of 48,048,684 shares, compared to its average volume of 169,707,248. The stock has a fifty day moving average of $11.99 and a 200-day moving average of $4.98. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $21.42.

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.