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Rigetti Computing, Inc. (NASDAQ:RGTI) sees sharp drop in short-term interest

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

Rigetti Computing Price Performance

Shares of Rigetti Computing opened Wednesday at 1.82. 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 leverage ratio of 0.14. Rigetti Computing has a 12-month low of 1.73 and a 12-month high of 12.75.

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

Wall Street analysts predict growth

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

Insider Trading at Rigetti Computing

Separately, Chief Financial Officer Brian J. Sereda sold 19,623 shares of the company in a trade that took place on Wednesday, August 24. The stock was sold at an average price of 4.54, for a total value of 89,088.42. Following the sale, the CFO now owns 1,136,317 shares of the company, valued at approximately 5,158,879.18. The transaction was disclosed in a filing with the SEC, which is available via this link. In other Rigetti Computing news, Chief Financial Officer Brian J. Sereda sold 17,607 shares of the company in a trade on Monday, August 22. 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 CFO now directly owns 1,178,367 shares of 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. Additionally, Chief Financial Officer Brian J. Sereda sold 19,623 shares of the company in a trade on Wednesday, August 24. 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 CFO now owns 1,136,317 shares of the company, valued at 5,158,879.18. The disclosure of this sale can be found here. Insiders sold 512,309 shares of the company valued at $2,141,704 during the last quarter.

Hedge funds weigh on Rigetti Computing

A number of institutional investors and hedge funds have recently increased or reduced their stake in the company. Deer Management Co. LLC bought a new position in Rigetti Computing in Q1 worth approximately $135,968,000. EDBI Pte Ltd bought a new position in Rigetti Computing in Q1 worth approximately $27,338,000. Lansdowne Partners UK LLP bought a new position in Rigetti Computing in Q1 worth approximately $13,528,000. Franklin Resources Inc. bought a new position in Rigetti Computing in Q2 valued at around $5,505,000. Finally, Comprehensive Financial Management LLC bought a new position in Rigetti Computing in Q1 worth approximately $5,224,000. 42.96% of the shares are held by hedge funds and other institutional investors.

Company Profile Rigetti Computing

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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 via its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

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