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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 56,820,000 shares, an increase of 20.6% from the January 15th total of 47,120,000 shares. Approximately 26.5% of the shares of the company are short sold. Based on an average daily trading volume, of 140,630,000 shares, the days-to-cover ratio is currently 0.4 days.

Rigetti Computing Price Performance

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

Insider Activity

In related news, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $4.00, for a total value of $500,000.00. Following the completion of the transaction, the director now owns 1,188,864 shares in the company, valued at $4,755,456. The trade was a 9.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 375,000 shares of company stock valued at $1,503,750 in the last quarter. 2.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in RGTI. Vanguard Group Inc. grew its position in shares of Rigetti Computing by 81.7% in the fourth quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company’s stock valued at $179,249,000 after purchasing an additional 5,280,128 shares in the last quarter. Invesco Ltd. grew its position in shares of Rigetti Computing by 7,367.2% in the fourth quarter. Invesco Ltd. now owns 4,580,317 shares of the company’s stock valued at $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Rigetti Computing by 3,295.7% in the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock valued at $2,837,000 after purchasing an additional 617,506 shares in the last quarter. Finally, 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 in the last quarter. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RGTI has been the subject of several recent analyst reports. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research note on Friday. Needham & Company LLC restated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th. Craig Hallum began coverage on Rigetti Computing in a research note on Friday, December 20th. They set a “buy” rating and a $12.00 price objective for the company. Finally, Benchmark reiterated a “buy” rating and set a $2.50 price objective on shares of Rigetti Computing in a research note on Thursday, November 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $7.00.

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.