Traders Buy High Volume of Rigetti Computing Call Options (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of unusually large options trading activity on Monday. Investors bought 49,099 call options on the stock. This is an increase of approximately 2,032% compared to the average daily volume of 2,303 call options.

Insider Buying and Selling

In other news, major shareholder Bessemer Venture Partners X. L. sold 713,886 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $1.52, for a total transaction of $1,085,106.72. Following the completion of the sale, the insider now owns 20,868,332 shares of the company’s stock, valued at approximately $31,719,864.64. This represents a 3.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Helene Gail Sandford sold 43,200 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $0.82, for a total value of $35,424.00. Following the sale, the director now owns 257,752 shares in the company, valued at $211,356.64. This represents a 14.35 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,623,325 shares of company stock valued at $4,021,028.

Institutional Trading of Rigetti Computing

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Rigetti Computing by 17.0% during the first quarter. Vanguard Group Inc. now owns 5,185,200 shares of the company’s stock worth $7,933,000 after acquiring an additional 753,110 shares in the last quarter. Penserra Capital Management LLC increased its holdings in shares of Rigetti Computing by 9.8% in the third quarter. Penserra Capital Management LLC now owns 4,553,633 shares of the company’s stock worth $3,565,000 after buying an additional 407,389 shares during the period. Geode Capital Management LLC increased its stake in shares of Rigetti Computing by 20.6% in the third quarter. Geode Capital Management LLC now owns 3,621,829 shares of the company’s stock worth $2,837,000 after buying an additional 617,506 shares during the period. State Street Corp raised its holdings in Rigetti Computing by 12.9% during the 3rd quarter. State Street Corp now owns 2,715,223 shares of the company’s stock valued at $2,126,000 after buying an additional 309,831 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Rigetti Computing by 14.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,149,934 shares of the company’s stock valued at $901,000 after buying an additional 144,742 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Rigetti Computing Stock Performance

Shares of RGTI stock traded up $1.27 during trading hours on Monday, hitting $3.01. 182,390,031 shares of the company were exchanged, compared to its average volume of 37,138,008. The company has a current ratio of 4.84, a quick ratio of 4.84 and a debt-to-equity ratio of 0.02. The firm has a fifty day simple moving average of $1.09 and a 200 day simple moving average of $1.02. Rigetti Computing has a 52-week low of $1.13 and a 52-week high of $3.37. The stock has a market capitalization of $578.82 million, a price-to-earnings ratio of -8.11 and a beta of 2.13.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Benchmark reissued a “buy” rating and set a $2.50 target price on shares of Rigetti Computing in a report on Thursday, November 14th. B. Riley boosted their target price on shares of Rigetti Computing from $3.00 to $3.50 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $2.00 price objective on shares of Rigetti Computing in a research note on Wednesday, November 13th.

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.