Whales with a lot of money to spend have taken a noticeably bullish stance on Newmont.
Looking at options history for Newmont NEM we detected 12 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $292,435 and 8, calls, for a total amount of $1,524,545.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $27.5 to $37.5 for Newmont over the recent three months.
Volume & Open Interest Trends
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 $27.5 to $37.5 over the preceding 30 days.
Newmont 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BULLISH | 09/20/24 | $35.00 | $640.3K | 20.7K | 154 |
| NEM | CALL | TRADE | BEARISH | 06/21/24 | $35.00 | $247.5K | 12.4K | 1.7K |
| NEM | CALL | SWEEP | BULLISH | 09/20/24 | $35.00 | $245.0K | 20.7K | 4.0K |
| NEM | CALL | SWEEP | BULLISH | 03/22/24 | $30.00 | $212.6K | 1.0K | 858 |
| NEM | PUT | SWEEP | BULLISH | 01/17/25 | $30.00 | $126.4K | 15.9K | 741 |
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 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at end December 2023.
Following our analysis of the options activities associated with Newmont, we pivot to a closer look at the company's own performance.
Where Is Newmont Standing Right Now?
- With a volume of 5,895,759, the price of NEM is up 1.29% at $32.1.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 52 days.
What The Experts Say On Newmont
In the last month, 3 experts released ratings on this stock with an average target price of $46.5.
- Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Perform rating on Newmont with a target price of $43.
- Maintaining their stance, an analyst from BMO Capital continues to hold a Outperform rating for Newmont, targeting a price of $56.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Sector Perform rating for Newmont, targeting a price 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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