Deep-pocketed investors have adopted a bullish approach towards Freeport-McMoRan FCX, 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 FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 66% leaning bullish and 33% bearish. Among these notable options, 6 are puts, totaling $220,069, and 6 are calls, amounting to $545,625.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $33.0 and $45.0 for Freeport-McMoRan, spanning the last three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 13587.5, with a total volume reaching 13,846.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $33.0 to $45.0, throughout the last 30 days.
Freeport-McMoRan Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BULLISH | 03/15/24 | $40.00 | $149.2K | 12.1K | 2.2K |
| FCX | CALL | SWEEP | BULLISH | 03/15/24 | $40.00 | $119.8K | 12.1K | 4.4K |
| FCX | CALL | TRADE | BEARISH | 04/19/24 | $41.00 | $110.0K | 2.7K | 1.5K |
| FCX | CALL | SWEEP | BULLISH | 06/21/24 | $45.00 | $85.8K | 80.4K | 1.1K |
| FCX | CALL | SWEEP | BEARISH | 04/19/24 | $41.00 | $54.0K | 2.7K | 525 |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It operates geographically diverse assets with proven and probable mineral reserves of copper, gold, and molybdenum. The company's portfolio of assets includes the Grasberg minerals district in Indonesia; and mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. It derives key revenue from the sale of Copper.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Present Market Standing of Freeport-McMoRan
- Currently trading with a volume of 8,461,084, the FCX's price is up by 0.8%, now at $37.66.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 67 days.
Expert Opinions on Freeport-McMoRan
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $55.0.
- Reflecting concerns, an analyst from RBC Capital lowers its rating to Sector Perform with a new price target of $55.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
