Short Interest in Rigetti Computing, Inc. (NASDAQ:RGTI) Expands By 23.9%

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 16,790,000 shares, an increase of 23.9% from the March 15th total of 13,550,000 shares. Approximately 15.8% of the shares of the company are sold short. Based on an average daily trading volume, of 6,850,000 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on RGTI shares. Alliance Global Partners started coverage on Rigetti Computing in a research note on Friday, March 1st. They issued a "buy" rating and a $3.50 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $3.00 price target on shares of Rigetti Computing in a research note on Friday, March 15th.

Rigetti Computing Trading Down 8.5 %

RGTI traded down $0.10 during trading on Monday, hitting $1.08. 4,800,837 shares of the stock were exchanged, compared to its average volume of 6,553,563. The firm has a 50 day simple moving average of $1.59 and a 200 day simple moving average of $1.29. The firm has a market cap of $171.59 million, a price-to-earnings ratio of -1.86 and a beta of 2.43. Rigetti Computing has a 1 year low of $0.36 and a 1 year high of $3.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.71 and a current ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last announced its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. The company had revenue of $3.38 million during the quarter. As a group, equities analysts expect that Rigetti Computing will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the company's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the sale, the director now owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Rigetti Computing news, Director Alissa Fitzgerald sold 20,000 shares of the company's stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the sale, the director now owns 140,810 shares in the company, valued at $180,236.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, General Counsel Richard Danis sold 46,326 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the sale, the general counsel now owns 1,052,141 shares of the company's stock, valued at approximately $2,072,717.77. The disclosure for this sale can be found here. Insiders sold a total of 115,599 shares of company stock worth $194,030 over the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. American Assets Investment Management LLC increased its holdings in shares of Rigetti Computing by 1,657.8% in the 3rd quarter. American Assets Investment Management LLC now owns 8,789,169 shares of the company's stock valued at $11,690,000 after acquiring an additional 8,289,169 shares during the period. Penserra Capital Management LLC grew its stake in Rigetti Computing by 314.1% during the 4th quarter. Penserra Capital Management LLC now owns 1,509,081 shares of the company's stock worth $1,100,000 after buying an additional 1,144,619 shares during the last quarter. CIBC Private Wealth Group LLC grew its stake in Rigetti Computing by 3,302.0% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,020,591 shares of the company's stock worth $1,005,000 after buying an additional 990,591 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in Rigetti Computing during the 1st quarter worth $2,728,000. Finally, Geode Capital Management LLC grew its stake in Rigetti Computing by 44.4% during the 4th quarter. Geode Capital Management LLC now owns 1,437,201 shares of the company's stock worth $1,048,000 after buying an additional 441,608 shares during the last quarter. 35.38% of the stock is currently 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.