Investors with a lot of money to spend have taken a bearish stance on Freeport-McMoRan FCX.
And retail traders should know.
We noticed this today when the trades 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 FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 13 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 30% bullish and 69%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $157,445, and 10 are calls, for a total amount of $3,210,990.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $33.0 to $55.0 for Freeport-McMoRan over the recent three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Freeport-McMoRan's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Freeport-McMoRan's significant trades, within a strike price range of $33.0 to $55.0, over the past month.
Freeport-McMoRan Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | NEUTRAL | 05/17/24 | $42.00 | $2.3M | 15.1K | 1.0K |
| FCX | CALL | SWEEP | BEARISH | 01/16/26 | $33.00 | $215.2K | 608 | 127 |
| FCX | CALL | SWEEP | BEARISH | 06/21/24 | $44.00 | $210.0K | 2.2K | 500 |
| FCX | CALL | SWEEP | BEARISH | 01/17/25 | $37.00 | $204.3K | 2.0K | 49 |
| FCX | PUT | TRADE | BEARISH | 06/21/24 | $40.00 | $93.0K | 9.8K | 792 |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. 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.
Where Is Freeport-McMoRan Standing Right Now?
- With a trading volume of 4,852,062, the price of FCX is up by 0.83%, reaching $44.98.
- Current RSI values indicate that the stock is may be overbought.
- Next earnings report is scheduled for 32 days from now.
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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