Newmont Unusual Options Activity For November 21

Deep-pocketed investors have adopted a bearish 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 22 extraordinary options activities for Newmont. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 22% leaning bullish and 77% bearish. Among these notable options, 10 are puts, totaling $1,732,522, and 12 are calls, amounting to $615,085.

Predicted Price Range

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $30.0 to $50.0 for Newmont during the past quarter.

Insights into Volume & Open Interest

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 $30.0 to $50.0, over the past month.

Newmont Option Activity Analysis: Last 30 Days

Largest Options Trades Observed:

About Newmont

Newmont is the world's largest gold miner, producing about 6 million attributable ounces of gold in 2022, good for about 5% of global mined output. The company also produced 1.3 million attributable gold equivalent ounces from the sale of byproducts, including copper, silver, zinc, and lead in 2022. It had about two decades of gold reserves along with significant byproduct reserves at end 2022. After buying Goldcorp in 2019 and combining its Nevada mines in a joint venture with competitor Barrick later that year, Newmont's portfolio includes 12 wholly owned mines and interests in two joint ventures in the Americas, Africa, and Australia. It is also in the process of acquiring competitor Newcrest, with the deal likely to close in November 2023.

In light of the recent options history for Newmont, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Newmont's Current Market Status

• Trading volume stands at 6,606,961, with NEM's price up by 1.61%, positioned at $37.15.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 93 days.

What The Experts Say On Newmont

In the last month, 2 experts released ratings on this stock with an average target price of $51.5.

• An analyst from BMO Capital has revised its rating downward to Outperform, adjusting the price target to $58.
• In a cautious move, an analyst from Macquarie downgraded its rating to Outperform, setting a price target of $45.

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 Newmont, Benzinga Pro gives you real-time options trades alerts.