Rigetti Computing, Inc. (NASDAQ:RGTI) Sees Large Decline in Short Interest

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Rating) was the target of a large decline in short interest in September. As of September 15th, there was short interest totaling 2,370,000 shares, a decline of 27.3% from the August 31st total of 3,260,000 shares. Based on an average trading volume of 943,500 shares, the days-to-cover ratio is currently 2.5 days. Currently, 3.3% of the shares of the stock are short sold.

Rigetti Computing Price Performance

Shares of Rigetti Computing stock opened at 1.82 on Wednesday. The company has a fifty day moving average price of 3.67 and a 200 day moving average price of 5.29. The company has a quick ratio of 17.06, a current ratio of 17.06 and a debt-to-equity ratio of 0.14. Rigetti Computing has a twelve month low of 1.73 and a twelve month high of 12.75.

Rigetti Computing (NASDAQ:RGTI – Get Rating) last announced its quarterly earnings results on Thursday, August 11th. The company reported -0.09 earnings per share for the quarter, missing analysts’ consensus estimates of -0.06 by -0.03. Equities analysts expect that Rigetti Computing will post -0.41 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Benchmark dropped their price objective on Rigetti Computing from $10.00 to $8.00 and set a “buy” rating for the company in a report on Monday, September 19th. Needham & Company LLC assumed coverage on Rigetti Computing in a report on Tuesday, June 7th. They set a “buy” rating and a $11.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Rigetti Computing in a report on Tuesday, August 9th. They set a “buy” rating and a $10.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating, according to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of 9.67.

Insider Transactions at Rigetti Computing

In related news, CFO Brian J. Sereda sold 19,623 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was sold at an average price of 4.54, for a total value of 89,088.42. Following the sale, the chief financial officer now owns 1,136,317 shares of the company’s stock, valued at approximately 5,158,879.18. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Rigetti Computing news, CFO Brian J. Sereda sold 17,607 shares of the business’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of 4.65, for a total value of 81,872.55. Following the completion of the transaction, the chief financial officer now directly owns 1,178,367 shares in the company, valued at approximately 5,479,406.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Brian J. Sereda sold 19,623 shares of the business’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of 4.54, for a total value of 89,088.42. Following the completion of the transaction, the chief financial officer now owns 1,136,317 shares of the company’s stock, valued at 5,158,879.18. The disclosure for this sale can be found here. Insiders have sold 512,309 shares of company stock valued at $2,141,704 in the last quarter.

Hedge Funds Weigh In On Rigetti Computing

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deer Management Co. LLC purchased a new position in Rigetti Computing in the 1st quarter valued at about $135,968,000. EDBI Pte Ltd purchased a new position in Rigetti Computing in the 1st quarter valued at about $27,338,000. Lansdowne Partners UK LLP purchased a new position in Rigetti Computing in the 1st quarter valued at about $13,528,000. Franklin Resources Inc. purchased a new position in Rigetti Computing in the 2nd quarter valued at about $5,505,000. Finally, Comprehensive Financial Management LLC purchased a new position in Rigetti Computing in the 1st quarter valued at about $5,224,000. 42.96% of the stock is owned by hedge funds and other institutional investors.

Rigetti Computing Company Profile

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Rigetti Computing, Inc operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds through its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

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