Rigetti Computing's Options Frenzy: What You Need to Know

Investors with a lot of money to spend have taken a bearish stance on Rigetti Computing RGTI.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RGTI, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 20 uncommon options trades for Rigetti Computing.

This isn't normal.

The overall sentiment of these big-money traders is split between 35% bullish and 60%, bearish.

Out of all of the special options we uncovered, 7 are puts, for a total amount of $235,960, and 13 are calls, for a total amount of $599,289.

Expected Price Movements

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $3.0 to $16.0 for Rigetti Computing over the recent three months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of Rigetti Computing stands at 2636.44, with a total volume reaching 41,809.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Rigetti Computing, situated within the strike price corridor from $3.0 to $16.0, throughout the last 30 days.

Rigetti Computing Option Volume And Open Interest Over Last 30 Days

Largest Options Trades Observed:

About Rigetti Computing

Rigetti Computing Inc is engaged in the business of full-stack quantum computing. The company offers full-stack quantum computing platform as a cloud service to a wide range of end-users, directly through its Rigetti QCS platform, and also through cloud service providers. Its proprietary quantum-classical infrastructure provides ultra-low latency integration with public and private clouds for high-performance practical quantum computing. The company has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. Geographically, the company derives the majority of its revenue from the United States.

In light of the recent options history for Rigetti Computing, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of Rigetti Computing

• Trading volume stands at 79,770,086, with RGTI's price up by 19.14%, positioned at $10.43.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 55 days.

Professional Analyst Ratings for Rigetti Computing

4 market experts have recently issued ratings for this stock, with a consensus target price of $15.0.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Reflecting concerns, an analyst from Benchmark lowers its rating to Buy with a new price target of $14. * In a cautious move, an analyst from Needham downgraded its rating to Buy, setting a price target of $17. * Consistent in their evaluation, an analyst from B. Riley Securities keeps a Buy rating on Rigetti Computing with a target price of $15. * An analyst from Benchmark has decided to maintain their Buy rating on Rigetti Computing, which currently sits at a price target of $14.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Rigetti Computing with Benzinga Pro for real-time alerts.