Shares of quantum computing company Rigetti Computing (RGTI) plummeted by 11.01% in pre-market trading on Monday, following losses in the prior session. The steep decline came as options traders exhibited heavy bearish sentiment, while an insider offloaded a significant number of shares.
According to data from options analytics firm TradeUp, Rigetti Computing's options trading volume surged nearly 17 times higher than the 90-day average on Friday. Particularly high activity was seen in the $17 strike call options expiring in December 2024, with traders selling large numbers of these bullish contracts. This wave of call selling suggests that options traders are positioning for further downside in the stock.
Adding to the bearish pressure, Rigetti's former general counsel Richard Danis has sold over 624,000 shares this month for around $4.7 million, with the latest sale of 233,423 shares on Monday fetching $2.6 million. Insider selling can often be interpreted as a lack of confidence in the company's prospects and may have contributed to Monday's plunge in RGTI's share price.
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