Stock Traders Purchase Large Volume of Call Options on Rigetti Computing (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of unusually large options trading activity on Wednesday. Stock investors bought 90,729 call options on the company. This represents an increase of 199% compared to the average daily volume of 30,358 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $2.00 target price on shares of Rigetti Computing in a report on Wednesday, November 13th. B. Riley upped their price target on shares of Rigetti Computing from $3.50 to $4.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a research note on Thursday, November 14th. Finally, Craig Hallum started coverage on shares of Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price target for the company. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $4.80.

Insider Transactions at Rigetti Computing

In related news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $1.52, for a total transaction of $1,954,893.28. Following the transaction, the insider now directly owns 19,582,218 shares in the company, valued at $29,764,971.36. This trade represents a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $5.03, for a total transaction of $628,750.00. Following the completion of the transaction, the director now directly owns 1,063,864 shares of the company’s stock, valued at $5,351,235.92. This trade represents a 10.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,955,125 shares of company stock worth $5,489,354 over the last ninety days. 2.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

A number of hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in Rigetti Computing during the second quarter valued at $25,000. Caprock Group LLC bought a new position in shares of Rigetti Computing in the second quarter valued at $42,000. Arete Wealth Advisors LLC purchased a new stake in shares of Rigetti Computing in the third quarter worth approximately $45,000. Point72 DIFC Ltd purchased a new position in Rigetti Computing during the 2nd quarter worth $88,000. Finally, Barclays PLC grew its position in Rigetti Computing by 275.6% in the 3rd quarter. Barclays PLC now owns 185,959 shares of the company’s stock worth $145,000 after purchasing an additional 136,443 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Rigetti Computing Trading Up 3.6 %

Shares of RGTI stock opened at $11.35 on Wednesday. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a 50 day moving average price of $3.14 and a two-hundred day moving average price of $1.70. Rigetti Computing has a 12-month low of $0.66 and a 12-month high of $12.75. The company has a market capitalization of $2.18 billion, a PE ratio of -29.87 and a beta of 2.72.

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.