Rigetti Computing, Inc. (NASDAQ: RGTI) Sees a Big Drop in Short Rates

Rigetti Computing, Inc. (Nasdaq: RGTIGet the rating) was the target of a significant drop in short interest rates in September. As of September 15, there was a short interest totaling 2,370,000 shares, down 27.3% from August 31’s total of 3,260,000 shares. Based on an average trading volume of 943,500 shares, the ratio of days to coverage is currently 2.5 days. Currently, 3.3% of the shares are short sold.

Rigetti price computing performance

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

rigiti computing (Nasdaq: RGTIGet the rating) last announced its quarterly earnings results on Thursday, August 11th. The company reported earnings per share of -0.09 for the quarter, in the absence of consensus analyst estimates of -0.06 by -0.03. Equity analysts expect Rigetti Computing to post -0.41 EPS for the current fiscal year.

Wall Street analysts’ forecasts for growth

A number of analysts recently commented on the company. Benchmark cut its price target on Rigetti Computing from $10.00 to $8.00 and assigned a “buy” rating to the company in a report released on Monday, September 19th. Needham & Company LLC covered Rigetti Computing in a report on Tuesday, June 7. They assigned a “buy” rating and a $11.00 price target to the company. Finally, Deutsche Bank Aktiengesellschaft assumed coverage of Rigetti Computing in a report released on Tuesday, August 9th. They assigned a “buy” rating and a $10.00 price target to the company. Five stock 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 target price of 9.67.

Insider Transactions in Rigetti Computing

In related news, Chief Financial Officer Brian J. Sereda sold 19,633 shares of the company’s stock in a transaction that took place on Wednesday, August 24th. The stock was sold at an average price of 4.54 with a total value of 89,088.42. Following the sale, the CFO now owns 1,136,317 shares of the company’s stock, valued at approximately 5,158,879.18. The deal was disclosed on file with the SEC, which is available through this link. In other Rigetti Computing news, Chief Financial Officer Brian J. Sereda sold 17607 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of 4.65 with 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 and Exchange Commission, available at This hyperlink. Also, Chief Financial Officer Brian J. Sereda sold 19,633 shares of the company’s stock in a transaction on Wednesday, August 24th. The shares were sold at an average price of 4.54 with a total value of 89,088.42. Following the completion of the transaction, the CFO now owns 1,136,317 shares of the company’s stock, valued at 5,158,879.18. Disclosure can be found on this sale over here. Insiders sold 512,309 shares of company stock valued at $2,141,704 in the last quarter.

Hedge funds weigh on Rigetti’s computing

A number of institutional investors and hedge funds have recently added or reduced their stakes in the company. Deer Management Co. LLC a new position in Rigetti Computing in the first quarter valued at approximately $135,968,000. EDBI Pte Ltd purchased a new position in Rigetti Computing in the first quarter valued at approximately $27,338,000. Lansdowne Partners UK LLP bought a new position in Rigetti Computing in the first quarter valued at $13,528,000. Franklin Resources Inc. A new position in Rigetti Computing in the second quarter valued at approximately $5,505,000. Finally, Comprehensive Financial Management LLC purchased a new position in Rigetti Computing in the first quarter valued at approximately $5,224,000. 42.96% of the shares are 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 makes quantum computers and the superconducting quantum processors that power them. Its hardware is integrated into a variety of public, private, and hybrid clouds through Quantum Cloud Services. The company was founded in 2013 and is headquartered in Berkeley, California.

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