Whales with a lot of money to spend have taken a noticeably bearish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan FCX we detected 11 trades.
If we consider the specifics of each trade, it is accurate to state that 18% of the investors opened trades with bullish expectations and 81% with bearish.
From the overall spotted trades, 4 are puts, for a total amount of $208,299 and 7, calls, for a total amount of $349,790.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $48.0 to $60.0 for Freeport-McMoRan 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 Freeport-McMoRan's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Freeport-McMoRan's substantial trades, within a strike price spectrum from $48.0 to $60.0 over the preceding 30 days.
Freeport-McMoRan Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | PUT | TRADE | BULLISH | 05/17/24 | $3.05 | $2.84 | $2.85 | $50.00 | $114.0K | 9.6K | 429 |
| FCX | CALL | TRADE | NEUTRAL | 05/17/24 | $2.61 | $2.55 | $2.58 | $48.00 | $103.2K | 18.7K | 430 |
| FCX | CALL | TRADE | BEARISH | 04/26/24 | $1.38 | $1.33 | $1.33 | $48.00 | $66.5K | 539 | 522 |
| FCX | CALL | TRADE | BEARISH | 01/17/25 | $3.2 | $3.0 | $3.0 | $60.00 | $60.0K | 6.5K | 0 |
| FCX | PUT | TRADE | BEARISH | 05/17/24 | $1.77 | $1.67 | $1.76 | $48.00 | $35.2K | 3.2K | 198 |
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.
Current Position of Freeport-McMoRan
- Trading volume stands at 3,697,417, with FCX's price down by -1.37%, positioned at $48.93.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 1 days.
What Analysts Are Saying About Freeport-McMoRan
In the last month, 3 experts released ratings on this stock with an average target price of $55.333333333333336.
- Maintaining their stance, an analyst from Scotiabank continues to hold a Sector Outperform rating for Freeport-McMoRan, targeting a price of $55.
- An analyst from JP Morgan has decided to maintain their Neutral rating on Freeport-McMoRan, which currently sits at a price target of $52.
- In a positive move, an analyst from B of A Securities has upgraded their rating to Buy and adjusted the price target to $59.
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.
