27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
Investors with a lot of money to spend have taken a bullish stance on Newmont (NYSE:NEM).
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 NEM, 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 Newmont.
This isn't normal.
The overall sentiment of these big-money traders is split between 65% bullish and 35%, bearish.
Out of all of the special options we uncovered, 11 are puts, for a total amount of $1,332,923, and 9 are calls, for a total amount of $518,141.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $32.5 to $50.0 for Newmont during the past quarter.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Newmont's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Newmont's significant trades, within a strike price range of $32.5 to $50.0, over the past month.
Newmont Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | PUT | SWEEP | BULLISH | 09/20/24 | $4.35 | $4.25 | $4.25 | $40.00 | $259.2K | 3.2K | 1.2K |
| NEM | PUT | SWEEP | BULLISH | 09/20/24 | $4.35 | $4.25 | $4.25 | $40.00 | $216.3K | 3.2K | 55 |
| NEM | PUT | SWEEP | BULLISH | 05/17/24 | $1.1 | $1.1 | $1.1 | $37.50 | $208.7K | 3.1K | 3.1K |
| NEM | PUT | TRADE | BEARISH | 05/17/24 | $1.1 | $1.09 | $1.1 | $37.50 | $204.7K | 3.1K | 3.1K |
| NEM | CALL | TRADE | BULLISH | 01/17/25 | $8.55 | $8.45 | $8.55 | $32.50 | $171.0K | 2.3K | 1 |
About Newmont
Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 17 wholly or majority owned mines and interests in two joint ventures in the Americas, Africa, Australia and Papua New Guinea. The company is expected to produce roughly 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at end December 2023.
Having examined the options trading patterns of Newmont, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Newmont's Current Market Status
- With a volume of 5,757,940, the price of NEM is down -2.02% at $38.87.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 15 days.
Expert Opinions on Newmont
1 market experts have recently issued ratings for this stock, with a consensus target price of $45.0.
- An analyst from Citigroup persists with their Buy rating on Newmont, maintaining a target price of $45.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Newmont options trades with real-time alerts from Benzinga Pro.
27% profits every 20 days?
This is what Nic Chahine averages with his options buys. Not selling covered calls or spreads... BUYING options. Most traders don't even have a winning percentage of 27% buying options. He has an 83% win rate. Here's how he does it.
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