Rigetti Computing Target of Unusually Large Options Trading (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) saw some unusual options trading activity on Wednesday. Traders purchased 90,729 call options on the stock. This is an increase of approximately 199% compared to the typical daily volume of 30,358 call options.

Rigetti Computing Stock Performance

Shares of NASDAQ RGTI opened at $11.35 on Wednesday. The firm’s fifty day moving average is $3.14 and its two-hundred day moving average is $1.70. Rigetti Computing has a 52-week low of $0.66 and a 52-week high of $12.75. The company has a market cap of $2.18 billion, a P/E ratio of -29.87 and a beta of 2.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84.

Analyst Upgrades and Downgrades

RGTI has been the subject of several research reports. Benchmark restated a “buy” rating and issued a $2.50 price objective on shares of Rigetti Computing in a report on Thursday, November 14th. Needham & Company LLC reissued a “buy” rating and set a $2.00 price target on shares of Rigetti Computing in a research report on Wednesday, November 13th. Craig Hallum initiated coverage on Rigetti Computing in a research report on Friday, December 20th. They issued a “buy” rating and a $12.00 price objective on the stock. Finally, B. Riley lifted their target price on Rigetti Computing from $3.50 to $4.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $4.80.

Insider Activity

In other Rigetti Computing news, major shareholder Bessemer Venture Partners X. L. sold 1,286,114 shares of Rigetti Computing stock in a transaction dated 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 completion of the sale, the insider now owns 19,582,218 shares of the company’s stock, valued at $29,764,971.36. The trade was a 6.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Michael S. Clifton sold 125,000 shares of Rigetti Computing stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $3.00, for a total value of $375,000.00. Following the completion of the transaction, the director now owns 1,313,864 shares in the company, valued at approximately $3,941,592. This represents a 8.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,955,125 shares of company stock valued at $5,489,354 over the last quarter. Company insiders own 2.81% of the company’s stock.

Institutional Trading of Rigetti Computing

A number of institutional investors have recently bought and sold shares of RGTI. SG Americas Securities LLC bought a new stake in Rigetti Computing during the 2nd quarter valued at $25,000. Caprock Group LLC purchased a new position in shares of Rigetti Computing in the 2nd quarter worth approximately $42,000. Arete Wealth Advisors LLC acquired a new stake in Rigetti Computing in the third quarter valued at approximately $45,000. Point72 DIFC Ltd purchased a new stake in shares of Rigetti Computing during the 2nd quarter valued at $88,000. Finally, Barclays PLC raised its stake in Rigetti Computing by 275.6% in the third quarter. Barclays PLC now owns 185,959 shares of the company’s stock valued at $145,000 after buying an additional 136,443 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

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.