Financial giants have made a conspicuous bearish move on Newmont. Our analysis of options history for Newmont NEM revealed 10 unusual trades.
Delving into the details, we found 20% of traders were bullish, while 80% showed bearish tendencies. Out of all the trades we spotted, 3 were puts, with a value of $126,300, and 7 were calls, valued at $355,159.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $40.0 for Newmont over the recent three months.
Analyzing Volume & Open Interest
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Newmont'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 Newmont's whale activity within a strike price range from $30.0 to $40.0 in the last 30 days.
Newmont Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BEARISH | 05/17/24 | $30.00 | $136.2K | 926 | 4 |
| NEM | PUT | SWEEP | BEARISH | 01/17/25 | $37.50 | $55.6K | 3.5K | 2 |
| NEM | CALL | SWEEP | BEARISH | 05/17/24 | $35.00 | $49.9K | 6.0K | 227 |
| NEM | PUT | SWEEP | NEUTRAL | 01/17/25 | $37.50 | $40.1K | 3.5K | 148 |
| NEM | CALL | TRADE | BEARISH | 04/19/24 | $35.00 | $37.7K | 13.3K | 1.5K |
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.
Present Market Standing of Newmont
- Currently trading with a volume of 3,352,318, the NEM's price is up by 1.92%, now at $34.96.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 35 days.
What Analysts Are Saying About Newmont
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $43.5.
- Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Perform rating for Newmont, targeting a price of $43.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Newmont options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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