Investors Purchase Large Volume of Rigetti Computing Call Options (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) saw some unusual options trading activity on Wednesday. Investors purchased 114,005 call options on the stock. This represents an increase of 35% compared to the typical volume of 84,223 call options.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RGTI shares. Craig Hallum initiated coverage on shares of Rigetti Computing in a report on Friday, December 20th. They set a “buy” rating and a $12.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a research note on Wednesday, November 13th. B. Riley increased their price target on Rigetti Computing from $4.00 to $8.50 and gave the company a “buy” rating in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research report on Thursday, November 14th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Rigetti Computing has a consensus rating of “Buy” and an average price target of $5.70.

Rigetti Computing Stock Performance

Shares of Rigetti Computing stock traded up $2.32 during trading on Wednesday, reaching $11.27. The company’s stock had a trading volume of 182,520,763 shares, compared to its average volume of 195,520,328. The company has a 50-day moving average price of $7.24 and a two-hundred day moving average price of $3.16. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The firm has a market cap of $2.17 billion, a PE ratio of -29.66 and a beta of 1.31. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02.

Insider Activity at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of Rigetti Computing stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Michael S. Clifton sold 125,000 shares of the firm’s stock in a transaction dated 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 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,955,125 shares of company stock worth $5,489,354. 2.81% of the stock is owned by company insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently made changes to their positions in RGTI. Arete Wealth Advisors LLC acquired a new position in shares of Rigetti Computing during the 3rd quarter worth $45,000. SG Americas Securities LLC raised its position in Rigetti Computing by 166.9% during the third quarter. SG Americas Securities LLC now owns 63,202 shares of the company’s stock worth $49,000 after acquiring an additional 39,526 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Rigetti Computing by 3.4% in the third quarter. JPMorgan Chase & Co. now owns 62,360 shares of the company’s stock valued at $49,000 after purchasing an additional 2,045 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Rigetti Computing in the second quarter valued at approximately $88,000. Finally, Barclays PLC raised its position in shares of Rigetti Computing by 275.6% during the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.