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

Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually large options trading on Monday. Stock investors purchased 49,099 call options on the company. This represents an increase of 2,032% compared to the average daily volume of 2,303 call options.

Insider Buying and Selling

In related news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now directly owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This trade represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael S. Clifton sold 125,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $3.00, for a total transaction of $375,000.00. Following the sale, the director now directly owns 1,313,864 shares of the company’s stock, valued at $3,941,592. This represents a 8.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,748,325 shares of company stock worth $4,396,028 over the last three months.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of Rigetti Computing during the 2nd quarter worth $25,000. Cetera Advisors LLC purchased a new stake in Rigetti Computing during the first quarter worth approximately $38,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in Rigetti Computing in the second quarter valued at approximately $27,000. PEAK6 Investments LLC purchased a new position in Rigetti Computing in the first quarter valued at approximately $40,000. Finally, Caprock Group LLC acquired a new stake in Rigetti Computing during the second quarter worth approximately $42,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Rigetti Computing Trading Up 58.0 %

RGTI opened at $2.75 on Tuesday. 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 company’s 50 day simple moving average is $1.13 and its two-hundred day simple moving average is $1.03. The firm has a market capitalization of $528.83 million, a price-to-earnings ratio of -7.24 and a beta of 2.13. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $3.37.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RGTI shares. Benchmark reaffirmed a “buy” rating and set a $2.50 price target on shares of Rigetti Computing in a research report on Thursday, November 14th. B. Riley upped their target price on Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $2.00 price target on shares of Rigetti Computing in a research note on Wednesday, November 13th.

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.