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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of some unusual options trading activity on Monday. Traders bought 49,099 call options on the stock. This represents an increase of approximately 2,032% compared to the typical daily volume of 2,303 call options.

Analyst Upgrades and Downgrades

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

Rigetti Computing Price Performance

NASDAQ RGTI traded up $1.27 during trading on Monday, reaching $3.01. 182,390,031 shares of the company traded hands, compared to its average volume of 37,138,008. Rigetti Computing has a 1-year low of $1.13 and a 1-year high of $3.37. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.84 and a current ratio of 4.84. The stock’s 50 day moving average price is $1.09 and its two-hundred day moving average price is $1.02. The company has a market cap of $578.82 million, a price-to-earnings ratio of -8.11 and a beta of 2.13.

Insider Activity at Rigetti Computing

In other Rigetti Computing news, Director Helene Gail Sandford sold 43,200 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $0.82, for a total value of $35,424.00. Following the completion of the transaction, the director now owns 257,752 shares in the company, valued at approximately $211,356.64. This represents a 14.35 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Bessemer Venture Partners X. L. sold 580,125 shares of Rigetti Computing stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $1.63, for a total value of $945,603.75. Following the sale, the insider now directly owns 19,002,093 shares in the company, valued at approximately $30,973,411.59. This trade represents a 2.96 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,623,325 shares of company stock worth $4,021,028.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC bought a new stake in Rigetti Computing in the second quarter valued at about $25,000. Comprehensive Financial Consultants Institutional Inc. acquired a new position in shares of Rigetti Computing in the 2nd quarter valued at approximately $27,000. Cetera Advisors LLC bought a new position in Rigetti Computing in the first quarter valued at approximately $38,000. PEAK6 Investments LLC acquired a new position in shares of Rigetti Computing in the first quarter valued at approximately $40,000. Finally, Caprock Group LLC bought a new stake in shares of Rigetti Computing during the second quarter worth $42,000. Institutional investors 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.