High-rolling investors have positioned themselves bullish on Freeport-McMoRan FCX, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in FCX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 10 options trades for Freeport-McMoRan. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $57,200, and 9 calls, totaling $635,364.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $34.0 and $40.0 for Freeport-McMoRan, spanning the last three months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale trades within a strike price range from $34.0 to $40.0 in the last 30 days.
Freeport-McMoRan 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BULLISH | 01/17/25 | $40.00 | $202.4K | 8.2K | 346 |
| FCX | CALL | SWEEP | BULLISH | 02/16/24 | $37.00 | $95.7K | 4.4K | 423 |
| FCX | CALL | TRADE | BEARISH | 01/16/26 | $40.00 | $87.5K | 1.4K | 461 |
| FCX | CALL | SWEEP | BULLISH | 02/16/24 | $37.00 | $65.2K | 4.4K | 726 |
| FCX | PUT | TRADE | BEARISH | 04/19/24 | $38.00 | $57.2K | 4.1K | 479 |
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
- With a volume of 3,522,453, the price of FCX is up 2.22% at $39.1.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 63 days.
What Analysts Are Saying About Freeport-McMoRan
In the last month, 1 experts released ratings on this stock with an average target price of $55.0.
- In a cautious move, an analyst from RBC Capital downgraded its rating to Sector Perform, setting a price target of $55.
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 Freeport-McMoRan with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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