Rigetti Computing Sees Unusually Large Options Volume (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of some unusual options trading on Thursday. Traders bought 3,116 call options on the stock. This represents an increase of 301% compared to the typical daily volume of 778 call options.

Rigetti Computing Stock Performance

Shares of RGTI opened at $0.80 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.29 and a quick ratio of 4.29. The firm’s 50 day moving average is $0.96 and its 200-day moving average is $1.21. Rigetti Computing has a 12-month low of $0.75 and a 12-month high of $2.36. The stock has a market capitalization of $152.99 million, a P/E ratio of -1.51 and a beta of 2.30.

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

Hedge Funds Weigh In On Rigetti Computing

Hedge funds and other institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in Rigetti Computing during the second quarter valued at about $25,000. Cetera Advisors LLC acquired a new position in Rigetti Computing during the first quarter valued at $38,000. Comprehensive Financial Consultants Institutional Inc. purchased a new stake in Rigetti Computing in the 2nd quarter worth about $27,000. PEAK6 Investments LLC purchased a new position in Rigetti Computing during the 1st quarter valued at about $40,000. Finally, Caprock Group LLC acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at about $42,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. B. Riley started coverage on Rigetti Computing in a research note on Thursday, July 25th. They issued a “buy” rating and a $3.00 price target for the company. Benchmark reaffirmed a “buy” rating and issued a $3.00 price target on shares of Rigetti Computing in a research note on Monday, May 13th. Finally, Needham & Company LLC cut their target price on Rigetti Computing from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, August 9th.

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.