Stock Traders Buy High Volume of Rigetti Computing Call Options (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) was the recipient of some unusual options trading on Wednesday. Investors purchased 206,208 call options on the company. This is an increase of 63% compared to the average daily volume of 126,432 call options.

Rigetti Computing Trading Up 15.4%

Shares of Rigetti Computing stock traded up $1.75 on Wednesday, reaching $13.08. 60,731,815 shares of the stock were exchanged, compared to its average volume of 58,579,037. The firm has a market capitalization of $3.80 billion, a PE ratio of -18.68 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 business has a fifty day moving average price of $11.28 and a two-hundred day moving average price of $10.93.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Cantor Fitzgerald assumed coverage on shares of Rigetti Computing in a research note on Wednesday. They set an "overweight" rating and a $15.00 price target for the company. Benchmark restated a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a research report on Thursday, May 15th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC lowered their target price on Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $14.20.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of RGTI. Vanguard Group Inc. lifted its holdings in Rigetti Computing by 81.7% in the fourth 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 during the period. Invesco Ltd. increased its stake in Rigetti Computing by 7,367.2% in the 4th quarter. Invesco Ltd. now owns 4,580,317 shares of the company's stock valued at $69,896,000 after purchasing an additional 4,518,978 shares in the last quarter. UNICOM Systems Inc. raised its holdings in Rigetti Computing by 1,235.8% during the first quarter. UNICOM Systems Inc. now owns 3,806,935 shares of the company's stock worth $30,151,000 after purchasing an additional 3,521,935 shares during the last quarter. JPMorgan Chase & Co. boosted 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 worth $32,314,000 after purchasing an additional 2,055,203 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Rigetti Computing during the 1st quarter valued at about $6,523,000. 35.38% of the stock is owned by institutional investors and hedge funds.

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.

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