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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of unusually large options trading on Monday. Traders acquired 4,877 call options on the stock. This represents an increase of approximately 311% compared to the average volume of 1,187 call options.

Rigetti Computing Price Performance

Shares of RGTI traded down $0.04 during mid-day trading on Wednesday, reaching $1.42. The company had a trading volume of 7,390,956 shares, compared to its average volume of 5,280,394. The company’s 50 day simple moving average is $0.90 and its 200 day simple moving average is $1.00. The company has a market capitalization of $271.47 million, a price-to-earnings ratio of -2.85 and a beta of 2.28. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $2.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.29 and a current ratio of 4.29.

Rigetti Computing (NASDAQ:RGTI) last posted its earnings results on Thursday, August 8th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. Rigetti Computing had a negative net margin of 538.72% and a negative return on equity of 54.61%. The firm had revenue of $3.09 million for the quarter, compared to analysts’ expectations of $3.53 million. During the same quarter in the previous year, the firm posted ($0.13) earnings per share. Analysts expect that Rigetti Computing will post -0.34 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on RGTI. B. Riley initiated coverage on shares of Rigetti Computing in a research report on Thursday, July 25th. They set a “buy” rating and a $3.00 price objective for the company. Needham & Company LLC cut their price target on shares of Rigetti Computing from $3.00 to $2.00 and set a “buy” rating for the company in a report on Friday, August 9th.

Insiders Place Their Bets

In other news, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the sale, the director now owns 257,752 shares of the company’s stock, valued at approximately $211,356.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.81% of the company’s stock.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Rigetti Computing by 17.0% in the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock valued at $7,933,000 after buying an additional 753,110 shares during the period. Bank of New York Mellon Corp raised its holdings in Rigetti Computing by 3,788.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 410,705 shares of the company’s stock worth $439,000 after purchasing an additional 400,143 shares during the last quarter. Rhumbline Advisers acquired a new position in Rigetti Computing in the second quarter valued at $161,000. XTX Topco Ltd grew its position in shares of Rigetti Computing by 1,121.1% during the 2nd quarter. XTX Topco Ltd now owns 156,515 shares of the company’s stock worth $167,000 after buying an additional 143,697 shares during the period. Finally, Point72 DIFC Ltd bought a new stake in shares of Rigetti Computing in the 2nd quarter valued at $88,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.