Rigetti Computing Sees Unusually High Options Volume (NASDAQ:RGTI)

Rigetti Computing, Inc. (NASDAQ:RGTI) was the recipient of unusually large options trading on Tuesday. Stock traders acquired 480,901 call options on the company. This represents an increase of approximately 539% compared to the typical volume of 75,227 call options.

Wall Street Analyst Weigh In

RGTI has been the subject of several research analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research note on Thursday, March 5th. Benchmark reduced their target price on Rigetti Computing from $35.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, March 20th. Northland Securities initiated coverage on Rigetti Computing in a research note on Monday, April 20th. They set a “market perform” rating and a $20.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $31.00 target price on shares of Rigetti Computing in a research note on Tuesday, May 12th. Finally, TD Cowen cut Rigetti Computing from a “buy” rating to a “hold” rating in a research note on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.18.

Rigetti Computing Price Performance

Shares of RGTI opened at $26.42 on Tuesday. The business’s fifty day moving average price is $17.03 and its 200 day moving average price is $20.69. Rigetti Computing has a 12-month low of $10.30 and a 12-month high of $58.15. The stock has a market capitalization of $8.78 billion, a PE ratio of -30.37 and a beta of 1.79.

Rigetti Computing (NASDAQ:RGTI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. Rigetti Computing had a negative return on equity of 10.40% and a negative net margin of 2,789.71%.The firm had revenue of $4.40 million for the quarter, compared to analysts’ expectations of $4.09 million. During the same period last year, the business posted ($0.05) earnings per share. The firm’s revenue for the quarter was up 198.9% on a year-over-year basis. As a group, research analysts anticipate that Rigetti Computing will post -0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 4,270 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $74,810.40. Following the completion of the transaction, the chief financial officer owned 175,609 shares in the company, valued at $3,076,669.68. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Rivas sold 36,719 shares of the company’s stock in a transaction that occurred on Tuesday, March 10th. The stock was sold at an average price of $17.52, for a total value of $643,316.88. Following the completion of the transaction, the chief technology officer owned 651,914 shares of the company’s stock, valued at approximately $11,421,533.28. This represents a 5.33% decrease in their position. The SEC filing for this sale provides additional information. 1.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Several large investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC lifted its stake in Rigetti Computing by 7.3% during the first quarter. Janus Henderson Group PLC now owns 199,987 shares of the company’s stock worth $2,809,000 after purchasing an additional 13,666 shares during the last quarter. Encore Global Management LP acquired a new stake in Rigetti Computing in the first quarter worth $1,685,000. Amundi increased its position in Rigetti Computing by 124.8% in the first quarter. Amundi now owns 60,012 shares of the company’s stock worth $843,000 after buying an additional 33,317 shares during the period. EverSource Wealth Advisors LLC increased its position in Rigetti Computing by 31.8% in the first quarter. EverSource Wealth Advisors LLC now owns 4,651 shares of the company’s stock worth $65,000 after buying an additional 1,121 shares during the period. Finally, California State Teachers Retirement System increased its position in Rigetti Computing by 22.8% in the first quarter. California State Teachers Retirement System now owns 377,955 shares of the company’s stock worth $5,306,000 after buying an additional 70,179 shares during the period. 35.38% of the stock is currently owned by institutional investors.

Rigetti Computing Company Profile

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.