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

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) saw unusually large options trading on Wednesday. Investors 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.

Insider Buying and Selling

In related news, CTO David Rivas sold 351,785 shares of the firm's stock in a transaction on 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 completion of the sale, the chief technology officer now owns 1,094,738 shares of the company's stock, valued at $8,495,166.88. This trade represents a 24.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rigetti Computing

A number of large investors have recently made changes to their positions in the company. California State Teachers Retirement System grew its stake in shares of Rigetti Computing by 12.7% during the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares during the period. US Bancorp DE grew its stake in shares of Rigetti Computing by 29.4% during the 1st quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after purchasing an additional 1,420 shares during the period. Allworth Financial LP grew its stake in shares of Rigetti Computing by 14.9% during the 4th quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after purchasing an additional 1,504 shares during the period. Signaturefd LLC bought a new stake in shares of Rigetti Computing during the 4th quarter valued at about $25,000. Finally, Amalgamated Bank grew its stake in shares of Rigetti Computing by 33.1% during the 1st quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after purchasing an additional 1,622 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Rigetti Computing Stock Performance

NASDAQ RGTI traded up $0.31 during trading hours on Friday, hitting $11.85. The company's stock had a trading volume of 66,732,088 shares, compared to its average volume of 52,439,393. Rigetti Computing has a 12 month low of $0.66 and a 12 month high of $21.42. The company's 50 day simple moving average is $9.29 and its two-hundred day simple moving average is $8.86. The company has a market cap of $3.39 billion, a P/E ratio of -31.18 and a beta of 1.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

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