Rigetti Computing, Inc. (NASDAQ:RGTI) Short Interest Down 17.4% in May

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the target of a large drop in short interest in May. As of May 15th, there was short interest totalling 54,480,000 shares, a drop of 17.4% from the April 30th total of 65,980,000 shares. Approximately 19.9% of the shares of the company are short sold. Based on an average trading volume of 52,060,000 shares, the short-interest ratio is presently 1.0 days.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $7.76, for a total value of $2,729,851.60. Following the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at $8,495,166.88. This trade represents a 24.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors have recently bought and sold shares of RGTI. Steward Partners Investment Advisory LLC bought a new stake in shares of Rigetti Computing in the 4th quarter worth $83,000. Stephens Inc. AR purchased a new stake in shares of Rigetti Computing during the 4th quarter worth approximately $229,000. JPMorgan Chase & Co. raised its position in Rigetti Computing by 3,295.7% during 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 during the period. The Manufacturers Life Insurance Company purchased a new position in Rigetti Computing during the 4th quarter valued at $848,000. Finally, Jones Financial Companies Lllp bought a new stake in Rigetti Computing during the 4th quarter valued at $50,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RGTI has been the topic of several analyst reports. Benchmark reiterated a "buy" rating and issued a $14.00 price objective on shares of Rigetti Computing in a research note on Thursday, May 15th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Needham & Company LLC lowered their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Finally, B. Riley upped their price target on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research note on Friday, February 14th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $14.00.

Rigetti Computing Stock Down 1.8%

Shares of RGTI stock traded down $0.22 on Wednesday, hitting $11.82. The stock had a trading volume of 29,333,863 shares, compared to its average volume of 55,369,750. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The business has a 50 day moving average of $10.07 and a 200 day moving average of $9.82. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of -31.10 and a beta of 1.41.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.08) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million during the quarter, compared to analyst estimates of $2.40 million. During the same period in the previous year, the business earned ($0.04) EPS. As a group, analysts expect that Rigetti Computing will post -0.34 EPS for the current year.

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.