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

Rigetti Computing, Inc. (NASDAQ:RGTI) saw unusually large options trading on Thursday. Stock investors purchased 592,580 call options on the stock. This is an increase of approximately 358% compared to the typical daily volume of 129,485 call options.

Rigetti Computing Trading Up 30.2%

RGTI opened at $16.57 on Thursday. The firm’s 50-day moving average price is $12.16 and its 200 day moving average price is $11.09. The firm has a market capitalization of $4.81 billion, a PE ratio of -23.67 and a beta of 1.43. Rigetti Computing has a twelve month low of $0.66 and a twelve month high of $21.42.

Institutional Trading of Rigetti Computing

Institutional investors have recently modified their holdings of the company. ORG Wealth Partners LLC lifted its stake in shares of Rigetti Computing by 666.7% in the second quarter. ORG Wealth Partners LLC now owns 11,500 shares of the company’s stock worth $130,000 after buying an additional 10,000 shares in the last quarter. Owen LaRue LLC purchased a new stake in Rigetti Computing in the 2nd quarter valued at $169,000. Armstrong Advisory Group Inc. grew its stake in Rigetti Computing by 225.4% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 2,974 shares of the company’s stock worth $35,000 after purchasing an additional 2,060 shares in the last quarter. Wealth Management Partners LLC acquired a new stake in shares of Rigetti Computing during the second quarter worth about $194,000. Finally, Farther Finance Advisors LLC raised its holdings in Rigetti Computing by 2,543.3% during the second quarter. Farther Finance Advisors LLC now owns 6,106 shares of the company’s stock worth $72,000 after purchasing an additional 5,875 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on RGTI. Needham & Company LLC decreased their price objective on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Wednesday. Industrial Alliance Securities set a $18.00 price target on shares of Rigetti Computing in a research report on Wednesday. Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Cantor Fitzgerald began coverage on Rigetti Computing in a report on Wednesday, July 2nd. They issued an “overweight” rating and a $15.00 price objective on the stock. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Rigetti Computing presently has a consensus rating of “Buy” and a consensus price target of $14.83.

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.