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

Rigetti Computing, Inc. (NASDAQ:RGTI – Get Rating) was the target of a surge in short-term interest in November. As of November 30, there was short interest totaling 1,860,000 shares, an increase of 14.8% from the total of 1,620,000 shares as of November 15. Based on an average daily volume of 927,400 shares, the day-to-cover ratio is currently 2.0 days. Currently, 2.5% of the company’s shares are sold short.

Insider activity

Separately, director Chad Rigetti sold 182,904 shares of the company in a trade dated Wednesday, December 7. The shares were sold at an average price of 1.03, for a total value of 188,391.12. Following the sale, the administrator now owns 9,364,232 shares of the company, valued at approximately 9,645,158.96. The sale was disclosed in an SEC filing, available on the SEC’s website. In the past 90 days, insiders have sold 482,364 shares of the company worth $500,522.

Institutional entries and exits

Several institutional investors and hedge funds have recently bought and sold shares of RGTI. Penserra Capital Management LLC bought a new position in shares of Rigetti Computing in the first quarter worth about $26,000. Strs Ohio bought a new position in shares of Rigetti Computing in the second quarter worth about $27,000. First Republic Investment Management Inc. bought a new position in shares of Rigetti Computing in the third quarter worth about $30,000. SG Americas Securities LLC bought a new position in shares of Rigetti Computing in the second quarter worth about $41,000. Finally, Oppenheimer & Co. Inc. increased its equity stake in Rigetti Computing by 70.6% in the third quarter. Oppenheimer & Co. Inc. now owns 25,587 shares of the company valued at $48,000 after acquiring 10,587 additional shares last quarter. Institutional investors hold 42.96% of the company’s shares.

A Wall Street analyst gives his opinion

A number of brokerages have recently released reports on RGTI. Deutsche Bank Aktiengesellschaft downgraded shares of Rigetti Computing from a “buy” rating to a “hold” rating and reduced its target price for the company from $10.00 to $2.00 in a Thursday research note November 10. Needham & Company LLC lowered its price target on Rigetti Computing shares from $11.00 to $3.00 and set a “buy” rating on the stock in a Tuesday, November 15 research note. Finally, Benchmark downgraded Rigetti Computing shares from a “buy” rating to a “hold” rating in a Thursday, Nov. 10, research rating. Two analysts have rated the stock with a hold rating and three have issued a buy rating for the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of 4.33.

Rejections Price performance calculation

The NASDAQ RGTI rose 0.01 on Thursday, hitting 1.00. The stock had a trading volume of 2,108,000 shares, compared to an average volume of 732,954. Rigetti Computing has a one-year low of 0.92 and a one-year high of 11.37. The company has a debt ratio of 0.14, a current ratio of 10.40 and a quick ratio of 10.40. The company’s 50-day moving average is 1.52 and its two-hundred-day moving average is 3.23.

Rigetti Computing (NASDAQ:RGTI – Get Rating) last reported results on Monday, November 21. The company reported -0.16 EPS for the quarter, missing the consensus estimate of -0.10 by -0.06. The company posted revenue of 2.80 million for the quarter, compared to 3.31 million expected by analysts. On average, stock analysts predict that Rigetti Computing will post -0.54 earnings per share for the current fiscal year.

About 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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