Rigetti Computing Target of Unusually Large Options Trading (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the recipient of unusually large options trading on Thursday. Stock traders acquired 592,580 call options on the company. This represents an increase of approximately 358% compared to the typical volume of 129,485 call options.

Rigetti Computing Price Performance

Shares of RGTI stock traded up $0.58 on Thursday, hitting $17.14. 82,859,919 shares of the stock traded hands, compared to its average volume of 60,358,120. The company has a market capitalization of $4.98 billion, a PE ratio of -24.49 and a beta of 1.43. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42. The company's fifty day moving average is $12.16 and its 200 day moving average is $11.09.

Institutional Investors Weigh In On Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in RGTI. Vanguard Group Inc. raised its position in shares of Rigetti Computing by 81.7% during the 4th quarter. Vanguard Group Inc. now owns 11,746,361 shares of the company's stock valued at $179,249,000 after acquiring an additional 5,280,128 shares in the last quarter. Invesco Ltd. raised its position in shares of Rigetti Computing by 7,367.2% during the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after acquiring an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. raised its position in shares of Rigetti Computing by 1,235.8% during the 1st quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock valued at $30,151,000 after acquiring an additional 3,521,935 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Rigetti Computing by 3,295.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company's stock valued at $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Rigetti Computing during the 1st quarter valued at approximately $6,523,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Alliance Global Partners restated a "buy" rating on shares of Rigetti Computing in a report on Wednesday. Benchmark reiterated a "buy" rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research note on Wednesday. Needham & Company LLC reduced their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald began coverage on Rigetti Computing in a research note on Wednesday, July 2nd. They set an "overweight" rating and a $15.00 target price for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.83.

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.