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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of unusually large options trading activity on Wednesday. Investors purchased 181,340 call options on the company. This represents an increase of approximately 40% compared to the average volume of 129,790 call options.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RGTI. Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. Benchmark restated a “buy” rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. B. Riley lifted their price target on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Needham & Company LLC lowered their price target on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $14.00.

Rigetti Computing Trading Down 3.4%

RGTI stock opened at $12.10 on Friday. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -31.84 and a beta of 1.50. 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 business has a fifty day simple moving average of $10.57 and a 200-day simple moving average of $10.24. Rigetti Computing has a 52 week low of $0.66 and a 52 week high of $21.42.

Institutional Trading of Rigetti Computing

A number of institutional investors and hedge funds have recently made changes to their positions in RGTI. Signaturefd LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $25,000. GAMMA Investing LLC raised its holdings in Rigetti Computing by 1,813.0% in the first quarter. GAMMA Investing LLC now owns 3,233 shares of the company’s stock valued at $26,000 after buying an additional 3,064 shares during the period. EverSource Wealth Advisors LLC purchased a new position in Rigetti Computing in the fourth quarter valued at approximately $28,000. Center for Financial Planning Inc. purchased a new position in Rigetti Computing in the first quarter valued at approximately $30,000. Finally, Quarry LP purchased a new position in Rigetti Computing in the first quarter valued at approximately $31,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

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.