Rigetti Computing Target of Unusually High Options Trading (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the target of unusually large options trading activity on Thursday. Stock traders bought 592,580 call options on the company. This is an increase of 358% compared to the typical daily volume of 129,485 call options.

Rigetti Computing Price Performance

Shares of NASDAQ:RGTI opened at $16.57 on Thursday. The company has a market capitalization of $4.81 billion, a PE ratio of -23.67 and a beta of 1.43. The business has a fifty day moving average price of $12.16 and a 200-day moving average price of $11.09. Rigetti Computing has a 1-year low of $0.66 and a 1-year high of $21.42.

Hedge Funds Weigh In On Rigetti Computing

Large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp acquired a new stake in Rigetti Computing in the fourth quarter valued at $50,000. Charles Schwab Investment Management Inc. grew its position in shares of Rigetti Computing by 15.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,329,590 shares of the company’s stock valued at $20,290,000 after purchasing an additional 179,656 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Rigetti Computing by 31.1% during the 4th quarter. Victory Capital Management Inc. now owns 25,145 shares of the company’s stock worth $384,000 after purchasing an additional 5,960 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Rigetti Computing during the 4th quarter worth approximately $2,396,000. Finally, EverSource Wealth Advisors LLC acquired a new stake in Rigetti Computing during the 4th quarter valued at $28,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on RGTI shares. Industrial Alliance Securities set a $18.00 target price on Rigetti Computing in a research report on Wednesday. Cantor Fitzgerald initiated coverage on shares of Rigetti Computing in a report on Wednesday, July 2nd. They set an “overweight” rating and a $15.00 price target on the stock. Needham & Company LLC reduced their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Benchmark reissued a “buy” rating and issued a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rigetti Computing in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $14.83.

About Rigetti Computing

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.