Shares of Rigetti Computing (NASDAQ:RGTI) are 6.3% higher to trade at $16.15, after the quantum computing company announced an agreement with the U.S. Department of Commerce for up to $100 million in funding through the CHIPS Act.
RGTI is headed for its third-straight daily gain. The 60-day moving average, which rejected the shares in August, appears to be keeping a cap on gains, however. Year to date, the equity is down 27%.
Short interest represents 18.02% of the stock's available float. At the stock's average daily trading volume, it would take short sellers roughly two days to cover their positions.
Meanwhile, analysts remains optimistic. Eight of the 12 analysts covering Rigetti currently carry a "buy" or better rating.
RGTI’s options are attractively priced at the moment, per its Schaeffer’s Volatility Index (SVI) of 65%, which is lower than all other annual readings. Meanwhile, the equity’s Schaeffer’s Volatility Scorecard (SVS) sits at 89 out of 100, suggesting RGTI has tended to outperform options traders’ volatility expectations during the past 12 months.
