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 positions 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.
Today, Benzinga's options scanner spotted 14 options trades for Newmont.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $60,000, and 13, calls, for a total amount of $969,408.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $25.0 to $60.0 for Newmont over the last 3 months.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Newmont's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Newmont's substantial trades, within a strike price spectrum from $25.0 to $60.0 over the preceding 30 days.
Newmont Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $60.00 | $450.5K | 17.2K | 93 |
| NEM | CALL | TRADE | NEUTRAL | 02/23/24 | $42.00 | $69.9K | 17 | 1.0K |
| NEM | PUT | TRADE | BULLISH | 01/19/24 | $45.00 | $60.0K | 3.9K | 116 |
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $40.00 | $50.0K | 2.8K | 555 |
| NEM | CALL | TRADE | NEUTRAL | 01/17/25 | $40.00 | $49.0K | 2.8K | 555 |
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.
Newmont's Current Market Status
- Currently trading with a volume of 5,464,523, the NEM's price is down by -4.01%, now at $38.62.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 44 days.
Professional Analyst Ratings for Newmont
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $40.0.
- Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Newmont with a target price of $40.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Newmont with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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