Rigetti Computing, Inc. (NASDAQ:RGTI – Get Rating) was the target of a sharp drop in short interest in September. On September 15th, there was short interest totaling 2,370,000 shares, down 27.3% from the August 31st total of 3,260,000 shares. Based on an average trading volume of 943,500 shares, the days-to-cover ratio is currently 2.5 days. The stock is currently 3.3% short.
Rigetti Computing price performance
Rigetti Computing shares opened at 1.82 on Wednesday. The company has a 50-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 debt to equity 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 reported its quarterly earnings results on Thursday, August 11th. The company reported earnings per share of -0.09 for the quarter, missing analyst consensus estimates of -0.06 by -0.03. Equity analysts expect Rigetti Computing to post FY2010 EPS of -0.41.
Wall Street analysts forecast growth
A number of analysts recently commented on the company. Benchmark lowered its target price on Rigetti Computing from $10.00 to $8.00 and gave the company a “buy” rating in a report Monday, September 19. Needham & Company LLC reported on Rigetti Computing in a report on Tuesday, June 7th. They set a buy rating and a price target of $11.00 for the company. Finally, Deutsche Bank Aktiengesellschaft took over reporting on Rigetti Computing in a report on Tuesday, August 9th. They set a buy rating and a price target of $10.00 for the company. Five equity analysts have given the stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of Buy and a consensus price target of 9.67.
Insider Transactions at Rigetti Computing
In related news, CFO Brian J. Sereda sold 19,623 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 for a total value of 89,088.42. Following the sale, the Chief Financial Officer 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 available at this link. In other news from Rigetti Computing, CFO Brian J. Sereda sold 17,607 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of 4.65 for a total value of 81,872.55. Upon completion of the transaction, the Chief Financial Officer 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 available at this hyperlink. Also on Wednesday, August 24, CFO Brian J. Sereda sold 19,623 shares of the company’s shares in a transaction. The shares were sold at an average price of 4.54 for a total value of 89,088.42. Upon completion of the transaction, the Chief Financial Officer now owns 1,136,317 shares of the Company, valued at $5,158,879.18. The disclosure for this sale can be found here. Insiders sold 512,309 shares of the company’s shares worth $2,141,704 last quarter.
Hedge funds rely on Rigetti computing
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deer Management Co. LLC acquired a new position in Rigetti Computing valued at approximately $135,968,000 during the first quarter. EDBI Pte Ltd acquired a new position in Rigetti Computing valued at approximately $27,338,000 during the first quarter. Lansdowne Partners UK LLP acquired a new position in Rigetti Computing valued at approximately $13,528,000 during the first quarter. Franklin Resources Inc. acquired a new position in Rigetti Computing valued at approximately $5,505,000 during the second quarter. Finally, during the first quarter, Comprehensive Financial Management LLC acquired a new position in Rigetti Computing valued at approximately $5,224,000. 42.96% of the shares are owned by hedge funds and other institutional investors.
Company profile of Rigetti Computing
Rigetti Computing, Inc is an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated with 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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