Rigetti Computing, Inc. (NASDAQ:RGTI) Short Interest Up 20.6% in January

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of a large growth in short interest in the month of 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. Based on an average daily trading volume, of 140,630,000 shares, the short-interest ratio is currently 0.4 days. Currently, 26.5% of the company’s stock are sold short.

Insiders Place Their Bets

In other Rigetti Computing news, Director Michael S. Clifton sold 125,000 shares of the 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 completion of the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 375,000 shares of company stock worth $1,503,750. Company insiders own 2.81% of the company’s stock.

Institutional Investors Weigh In On Rigetti Computing

Hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC increased 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 buying an additional 39,526 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rigetti Computing by 14.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock worth $901,000 after acquiring an additional 144,742 shares during the period. Penserra Capital Management LLC grew its position in shares of Rigetti Computing by 9.8% in the third 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. State Street Corp increased its stake in shares of Rigetti Computing by 12.9% during 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 period. Finally, Jane Street Group LLC lifted its holdings in Rigetti Computing by 23.8% during the 3rd quarter. Jane Street Group LLC now owns 244,496 shares of the company’s stock worth $191,000 after purchasing an additional 47,013 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RGTI has been the subject of a number of research reports. Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. Finally, B. Riley boosted their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $7.00.

Rigetti Computing Stock Performance

RGTI stock traded down $0.44 during trading hours on Monday, reaching $11.81. The stock had a trading volume of 48,048,684 shares, compared to its average volume of 169,707,248. The stock has a 50-day simple moving average of $11.99 and a 200 day simple moving average of $5.01. Rigetti Computing has a fifty-two week low of $0.66 and a fifty-two week high of $21.42. The stock has a market capitalization of $2.27 billion, a PE ratio of -31.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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.