Let's see if chart support steps up for RGTI today
Quantum computing stock Rigetti Computing Inc (NASDAQ:RGTI) was last seen down 4.6% to trade at $31.57 after mixed third-quarter results. The company posted adjusted third-quarter losses of 3 cents per share, narrower than analysts' anticipated losses of 5 cents per share, but the $1.95 million figure missed estimates of $2.2 million.
On the charts, RGTI has taken a 45% haircut since its Oct. 14 record high of $58.15. The ascending 60-day moving average, which has provided close support since early May, is keeping today's losses in check, however. Year to date, the equity is up 107.6%.
So far today, RGTI has seen 30,000 puts and 24,000 calls exchanged in the options pits. The November 12 put is the most popular, while new positions are being bought to open at the weekly 11/14 31-strike put.
This put bias isn't unusual considering the last 10 weeks, with the stock's 50-day put/call volume ratio of 3.18 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting higher than 95% of readings from the past year.