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

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of some unusual options trading on Wednesday. Traders bought 181,340 call options on the stock. This represents an increase of 40% compared to the average daily volume of 129,790 call options.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research report on Thursday, May 15th. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research report on Thursday, March 6th. B. Riley increased their target price on Rigetti Computing from $8.50 to $15.00 and gave the company a “buy” rating in a research report on Friday, February 14th. Finally, Needham & Company LLC dropped their target price on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $14.00.

Rigetti Computing Price Performance

Shares of RGTI opened at $12.52 on Thursday. Rigetti Computing has a 1 year low of $0.66 and a 1 year high of $21.42. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84. The company has a market capitalization of $3.63 billion, a price-to-earnings ratio of -32.95 and a beta of 1.50. The business has a 50-day moving average of $10.49 and a 200-day moving average of $10.18.

Hedge Funds Weigh In On Rigetti Computing

Hedge funds have recently made changes to their positions in the stock. Steward Partners Investment Advisory LLC bought a new position in shares of Rigetti Computing during the fourth quarter worth about $83,000. Stephens Inc. AR bought a new position in shares of Rigetti Computing during the fourth quarter worth about $229,000. JPMorgan Chase & Co. raised its position in shares of Rigetti Computing by 3,295.7% during the fourth quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock worth $32,314,000 after acquiring an additional 2,055,203 shares during the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Rigetti Computing during the fourth quarter worth about $848,000. Finally, Jones Financial Companies Lllp bought a new position in shares of Rigetti Computing during the fourth quarter worth about $50,000. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

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.