Rigetti Computing, Inc. (NASDAQ:RGTI) Short Interest Down 13.7% in February

Rigetti Computing, Inc. (NASDAQ:RGTI) saw a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 44,652,991 shares, a drop of 13.7% from the February 12th total of 51,726,784 shares. Based on an average daily trading volume, of 27,152,115 shares, the short-interest ratio is presently 1.6 days. Approximately 13.5% of the shares of the company are short sold. Approximately 13.5% of the shares of the company are short sold. Based on an average daily trading volume, of 27,152,115 shares, the short-interest ratio is presently 1.6 days.

Rigetti Computing Trading Down 3.4%

NASDAQ RGTI opened at $15.67 on Thursday. Rigetti Computing has a 1-year low of $6.86 and a 1-year high of $58.15. The firm’s fifty day simple moving average is $19.11 and its 200-day simple moving average is $25.89. The company has a market capitalization of $5.20 billion, a PE ratio of -23.04 and a beta of 1.71.

Rigetti Computing (NASDAQ:RGTI) last released its quarterly earnings results on Wednesday, March 4th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Rigetti Computing had a negative net margin of 3,111.92% and a negative return on equity of 14.91%. The company had revenue of $1.87 million for the quarter, compared to analyst estimates of $2.33 million. The business’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, analysts predict that Rigetti Computing will post -0.34 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on RGTI. Needham & Company LLC decreased their price objective on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Rigetti Computing in a research report on Monday, December 29th. Benchmark decreased their price target on Rigetti Computing from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Jefferies Financial Group started coverage on Rigetti Computing in a research report on Tuesday, December 16th. They set a “hold” rating and a $30.00 price target on the stock. Finally, B. Riley Financial raised Rigetti Computing from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Thursday, January 22nd. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.70.

Insider Activity at Rigetti Computing

In related news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the firm’s stock in a transaction on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $74,810.40. Following the transaction, the chief financial officer directly owned 175,609 shares in the company, valued at $3,076,669.68. This trade represents a 2.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO David Rivas sold 36,719 shares of the firm’s stock in a transaction dated Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total transaction of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares in the company, valued at approximately $11,421,533.28. The trade was a 5.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rigetti Computing

Several hedge funds and other institutional investors have recently modified their holdings of RGTI. Vanguard Group Inc. increased its holdings in shares of Rigetti Computing by 40.4% during the third quarter. Vanguard Group Inc. now owns 32,046,477 shares of the company’s stock worth $954,665,000 after buying an additional 9,228,888 shares in the last quarter. Marex Group plc bought a new stake in Rigetti Computing during the 2nd quarter worth approximately $87,414,000. Victory Capital Management Inc. grew its position in Rigetti Computing by 1,632.5% during the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after acquiring an additional 2,422,873 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in Rigetti Computing during the 2nd quarter valued at $21,887,000. Finally, Norges Bank acquired a new stake in Rigetti Computing during the 4th quarter valued at $38,889,000. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.