Rigetti Computing, Inc. (NASDAQ:RGTI) Short Interest Update

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 16,790,000 shares, an increase of 23.9% from the March 15th total of 13,550,000 shares. Approximately 15.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 6,850,000 shares, the days-to-cover ratio is currently 2.5 days.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI traded down $0.07 on Friday, reaching $1.18. 3,459,942 shares of the company traded hands, compared to its average volume of 5,766,900. Rigetti Computing has a fifty-two week low of $0.36 and a fifty-two week high of $3.43. The company’s 50 day moving average is $1.59 and its 200-day moving average is $1.29. The stock has a market capitalization of $187.48 million, a PE ratio of -2.03 and a beta of 2.43. The company has a debt-to-equity ratio of 0.09, a current ratio of 3.71 and a quick ratio of 3.71.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.09) earnings per share (EPS) for the quarter. Rigetti Computing had a negative net margin of 625.42% and a negative return on equity of 59.51%. The firm had revenue of $3.38 million for the quarter. As a group, analysts anticipate that Rigetti Computing will post -0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RGTI shares. Needham & Company LLC reissued a “buy” rating and issued a $3.00 price objective on shares of Rigetti Computing in a report on Friday, March 15th. Alliance Global Partners started coverage on Rigetti Computing in a report on Friday, March 1st. They issued a “buy” rating and a $3.50 price objective for the company.

Insider Buying and Selling at Rigetti Computing

In other news, Director Alissa Fitzgerald sold 20,000 shares of the firm’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $1.28, for a total transaction of $25,600.00. Following the sale, the director now owns 140,810 shares in the company, valued at $180,236.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Richard Danis sold 46,326 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $1.97, for a total value of $91,262.22. Following the transaction, the general counsel now owns 1,052,141 shares in the company, valued at $2,072,717.77. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Alissa Fitzgerald sold 20,000 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $1.28, for a total value of $25,600.00. Following the completion of the transaction, the director now owns 140,810 shares in the company, valued at approximately $180,236.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 115,599 shares of company stock worth $194,030. 2.60% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

Several hedge funds have recently modified their holdings of the company. Millennium Management LLC acquired a new stake in Rigetti Computing during the 4th quarter worth $25,000. Deutsche Bank AG lifted its holdings in shares of Rigetti Computing by 160.1% during the 4th quarter. Deutsche Bank AG now owns 33,861 shares of the company’s stock worth $25,000 after acquiring an additional 20,842 shares during the period. Orion Portfolio Solutions LLC bought a new stake in shares of Rigetti Computing during the 3rd quarter worth approximately $25,000. Penserra Capital Management LLC bought a new position in Rigetti Computing in the 1st quarter valued at approximately $26,000. Finally, Gitterman Wealth Management LLC bought a new position in Rigetti Computing in the 3rd quarter valued at approximately $27,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

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.