Deep-pocketed investors have adopted a bullish approach towards Newmont NEM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NEM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Newmont. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 35% bearish. Among these notable options, 3 are puts, totaling $390,070, and 11 are calls, amounting to $593,992.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $50.0 for Newmont over the recent three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Newmont stands at 4496.22, with a total volume reaching 3,391.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Newmont, situated within the strike price corridor from $30.0 to $50.0, throughout the last 30 days.
Newmont Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BEARISH | 09/20/24 | $4.9 | $4.8 | $4.82 | $40.00 | $241.4K | 13.8K | 588 |
| NEM | PUT | TRADE | NEUTRAL | 07/19/24 | $1.8 | $1.76 | $1.78 | $42.50 | $178.0K | 3.5K | 1.0K |
| NEM | PUT | SWEEP | BULLISH | 06/20/25 | $5.0 | $4.7 | $4.7 | $42.50 | $141.0K | 264 | 300 |
| NEM | PUT | SWEEP | BULLISH | 01/16/26 | $7.5 | $7.4 | $7.4 | $45.00 | $71.0K | 222 | 105 |
| NEM | CALL | TRADE | BEARISH | 01/16/26 | $16.2 | $15.3 | $15.3 | $30.00 | $61.2K | 1.9K | 180 |
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.
After a thorough review of the options trading surrounding Newmont, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Newmont
- With a trading volume of 3,509,581, the price of NEM is down by -1.07%, reaching $43.57.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 57 days from now.
Professional Analyst Ratings for Newmont
In the last month, 4 experts released ratings on this stock with an average target price of $48.75.
- An analyst from TD Securities persists with their Hold rating on Newmont, maintaining a target price of $48.
- Consistent in their evaluation, an analyst from Bernstein keeps a Market Perform rating on Newmont with a target price of $45.
- Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Newmont, targeting a price of $54.
- An analyst from TD Securities has decided to maintain their Hold rating on Newmont, which currently sits at a price target of $48.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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