Newmont Unusual Options Activity For December 15

Investors with a lot of money to spend have taken a bullish stance on Newmont 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 9 uncommon options trades for Newmont.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 44%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $1,316,740, and 7 are calls, for a total amount of $328,789.

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 $35.0 to $55.0 for Newmont over the last 3 months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of Newmont stands at 4755.83, with a total volume reaching 6,245.00. 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 $35.0 to $55.0, throughout the last 30 days.

Newmont 30-Day Option Volume & Interest Snapshot

Noteworthy Options Activity:

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 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts from its various gold mines. It had about two decades of gold reserves along with significant byproduct reserves after acquiring Newcrest.

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 trading volume of 7,313,576, the price of NEM is down by -0.59%, reaching $40.91.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 69 days from now.

What The Experts Say On Newmont

In the last month, 2 experts released ratings on this stock with an average target price of $42.5.

• An analyst from Macquarie has revised its rating downward to Outperform, adjusting the price target to $45.
• An analyst from UBS has decided to maintain their Neutral rating on Newmont, which currently sits at a price target of $40.

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.