Rigetti Computing Sees Unusually Large Options Volume (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw unusually large options trading on Wednesday. Traders bought 174,957 call options on the company. This is an increase of approximately 6% compared to the average daily volume of 164,986 call options.

Analyst Ratings Changes

Several equities research analysts recently issued reports on RGTI shares. Needham & Company LLC decreased their price target on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a report on Wednesday. B. Riley raised their target price on shares of Rigetti Computing from $8.50 to $15.00 and gave the company a "buy" rating in a research report on Friday, February 14th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Benchmark reiterated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research note on Thursday. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $14.00.

Insider Transactions at Rigetti Computing

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of Rigetti Computing stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the transaction, the chief technology officer now owns 1,094,738 shares in the company, valued at $8,495,166.88. The trade was a 24.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several institutional investors have recently modified their holdings of the business. Banque Transatlantique SA bought a new position in Rigetti Computing during the 1st quarter worth $42,000. AQR Capital Management LLC increased its stake in shares of Rigetti Computing by 138.9% in the first quarter. AQR Capital Management LLC now owns 81,047 shares of the company's stock valued at $642,000 after buying an additional 47,115 shares during the period. Alyeska Investment Group L.P. bought a new position in shares of Rigetti Computing during the first quarter worth about $909,000. Royal Bank of Canada lifted its stake in shares of Rigetti Computing by 106.2% in the first quarter. Royal Bank of Canada now owns 220,701 shares of the company's stock worth $1,748,000 after acquiring an additional 113,644 shares during the period. Finally, Quarry LP bought a new stake in Rigetti Computing in the first quarter valued at approximately $31,000. Institutional investors own 35.38% of the company's stock.

Rigetti Computing Trading Up 3.0%

Shares of Rigetti Computing stock traded up $0.34 on Friday, hitting $11.88. The stock had a trading volume of 28,713,749 shares, compared to its average volume of 51,921,426. The stock has a 50 day moving average of $9.21 and a 200 day moving average of $8.73. The firm has a market capitalization of $3.40 billion, a P/E ratio of -31.99 and a beta of 1.41. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

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

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.