Rigetti Computing, Inc. (NASDAQ:RGTI) Sees Significant Decrease in Short Interest

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Rating) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totaling 2,140,000 shares, a decrease of 18.0% from the September 30th total of 2,610,000 shares. Approximately 2.9% of the company’s shares are short sold. Based on an average daily volume of 954,100 shares, the short-interest ratio is currently 2.2 days.

Wall Street Analyst Weigh In

Several analysts recently commented on RGTI shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Rigetti Computing in a report on Tuesday, August 9th. They issued a “buy” rating and a $10.00 target price for the company. Benchmark cut their price target on Rigetti Computing from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Monday, September 19th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of 9.67.

Insiders Place Their Bets

In other news, CFO Brian J. Sereda sold 19,623 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of 4.54, for a total value of 89,088.42. Following the completion of the transaction, the chief financial officer now owns 1,136,317 shares of the company’s stock, valued at 5,158,879.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Rigetti Computing news, CFO Brian J. Sereda sold 30,820 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of 4.01, for a total transaction of 123,588.20. Following the sale, the chief financial officer now owns 1,033,545 shares of the company’s stock, valued at 4,144,515.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Brian J. Sereda sold 19,623 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of 4.54, for a total value of 89,088.42. Following the completion of the sale, the chief financial officer now directly owns 1,136,317 shares of the company’s stock, valued at 5,158,879.18. The disclosure for this sale can be found here. Insiders have sold 520,309 shares of company stock worth $2,156,344 over the last three months.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently bought and sold shares of RGTI. Penserra Capital Management LLC purchased a new position in shares of Rigetti Computing during the 1st quarter worth $26,000. Strs Ohio purchased a new stake in Rigetti Computing in the 2nd quarter valued at about $27,000. Allen Operations LLC acquired a new position in shares of Rigetti Computing during the 1st quarter valued at about $68,000. SG Americas Securities LLC purchased a new position in shares of Rigetti Computing during the 2nd quarter worth about $41,000. Finally, Moors & Cabot Inc. acquired a new stake in shares of Rigetti Computing in the first quarter worth approximately $75,000. Institutional investors and hedge funds own 42.96% of the company’s stock.

Rigetti Computing Trading Down 1.4%

Shares of Rigetti Computing stock traded down 0.03 during trading on Friday, hitting 2.10. 15,266 shares of the company were exchanged, compared to its average volume of 699,988. The firm has a 50 day moving average price of 2.54 and a 200 day moving average price of 4.59. The company has a current ratio of 17.06, a quick ratio of 17.06 and a debt-to-equity ratio of 0.14. Rigetti Computing has a fifty-two week low of 1.60 and a fifty-two week high of 12.75.

Rigetti Computing (NASDAQ:RGTI – Get Rating) last posted its quarterly earnings data on Thursday, August 11th. The company reported -0.09 EPS for the quarter, missing analysts’ consensus estimates of -0.06 by -0.03. The company had revenue of 2.13 million during the quarter. On average, equity research analysts predict that Rigetti Computing will post -0.41 EPS for the current year.

Rigetti Computing Company Profile

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Rigetti Computing, Inc operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds through its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

Further Reading

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