This Is What Whales Are Betting On Freeport-McMoRan

This Is What Whales Are Betting On Freeport-McMoRan

A whale with a lot of money to spend has taken a noticeably bearish stance on Freeport-McMoRan.

Looking at options history for Freeport-McMoRan FCX we detected 17 strange trades.

If we consider the specifics of each trade, it is accurate to state that 47% of the investors opened trades with bullish expectations and 52% with bearish.

From the overall spotted trades, 7 are puts, for a total amount of $229,061 and 10, calls, for a total amount of $562,625.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $45.0 for Freeport-McMoRan over the last 3 months.

Volume & Open Interest Development

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale trades within a strike price range from $20.0 to $45.0 in the last 30 days.

Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
FCX CALL SWEEP BEARISH 08/05/22 $23.00 $134.5K 206 195
FCX CALL TRADE BEARISH 08/05/22 $25.00 $89.0K 15 200
FCX CALL SWEEP BEARISH 07/29/22 $25.00 $68.1K 1.4K 435
FCX CALL SWEEP BULLISH 07/29/22 $25.00 $58.8K 1.4K 234
FCX PUT SWEEP BULLISH 09/16/22 $45.00 $44.7K 134 57

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
FCX CALL SWEEP BEARISH 08/05/22 $23.00 $134.5K 206 195
FCX CALL TRADE BEARISH 08/05/22 $25.00 $89.0K 15 200
FCX CALL SWEEP BEARISH 07/29/22 $25.00 $68.1K 1.4K 435
FCX CALL SWEEP BULLISH 07/29/22 $25.00 $58.8K 1.4K 234
FCX PUT SWEEP BULLISH 09/16/22 $45.00 $44.7K 134 57

Where Is Freeport-McMoRan Standing Right Now?

  • With a volume of 10,354,926, the price of FCX is up 2.12% at $29.91.
  • RSI indicators hint that the underlying stock may be approaching overbought.
  • Next earnings are expected to be released in 84 days.

What The Experts Say On Freeport-McMoRan:

  • Citigroup downgraded its action to Neutral with a price target of $28
  • Deutsche Bank has decided to maintain their Hold rating on Freeport-McMoRan, which currently sits at a price target of $38.
  • Goldman Sachs has decided to maintain their Buy rating on Freeport-McMoRan, which currently sits at a price target of $46.
  • Barclays has decided to maintain their Underweight rating on Freeport-McMoRan, which currently sits at a price target of $24.
  • Deutsche Bank has decided to maintain their Hold rating on Freeport-McMoRan, which currently sits at a price target of $37.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.

Posted In: BZI-UOAOptionsMarkets