Financial giants have made a conspicuous bullish move on Newmont. Our analysis of options history for Newmont NEM revealed 10 unusual trades.
Delving into the details, we found 70% of traders were bullish, while 30% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $110,695, and 7 were calls, valued at $433,558.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $25.0 to $45.0 for Newmont during the past quarter.
Volume & Open Interest Trends
In today's trading context, the average open interest for options of Newmont stands at 5333.0, with a total volume reaching 5,349.00. 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 $25.0 to $45.0, throughout the last 30 days.
Newmont Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BULLISH | 04/19/24 | $32.50 | $128.0K | 534 | 400 |
| NEM | CALL | TRADE | BULLISH | 04/19/24 | $32.50 | $96.0K | 534 | 900 |
| NEM | CALL | SWEEP | BULLISH | 04/19/24 | $32.50 | $65.0K | 534 | 600 |
| NEM | PUT | SWEEP | BULLISH | 02/16/24 | $35.00 | $45.6K | 12.8K | 404 |
| NEM | CALL | TRADE | BEARISH | 06/21/24 | $45.00 | $41.0K | 8.6K | 1.0K |
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.
Where Is Newmont Standing Right Now?
- With a volume of 3,954,318, the price of NEM is down -0.09% at $34.46.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 27 days.
What Analysts Are Saying About Newmont
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $52.5.
- Reflecting concerns, an analyst from TD Securities lowers its rating to Hold with a new price target of $46.
- An analyst from BMO Capital has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $59.
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.
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