Deep-pocketed investors have adopted a bearish approach towards Newmont NEM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NEM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 11 extraordinary options activities for Newmont. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 18% leaning bullish and 81% bearish. Among these notable options, 5 are puts, totaling $600,525, and 6 are calls, amounting to $433,342.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $40.0 and $65.0 for Newmont, spanning the last three months.
Volume & Open Interest Trends
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 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 trades within a strike price range from $40.0 to $65.0 in the last 30 days.
Newmont Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | PUT | TRADE | BEARISH | 10/18/24 | $1.7 | $1.65 | $1.69 | $45.00 | $338.0K | 194 | 2.0K |
| NEM | PUT | TRADE | BULLISH | 01/17/25 | $1.23 | $1.2 | $1.2 | $40.00 | $120.0K | 11.1K | 0 |
| NEM | CALL | SWEEP | BEARISH | 01/17/25 | $5.45 | $5.35 | $5.35 | $45.00 | $107.0K | 41.0K | 803 |
| NEM | CALL | SWEEP | BEARISH | 01/17/25 | $5.45 | $5.35 | $5.35 | $45.00 | $107.0K | 41.0K | 603 |
| NEM | CALL | TRADE | BULLISH | 09/20/24 | $7.3 | $7.2 | $7.3 | $40.00 | $73.0K | 12.1K | 119 |
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 the end of December 2023.
In light of the recent options history for Newmont, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Newmont's Current Market Status
- Currently trading with a volume of 7,968,660, the NEM's price is up by 1.18%, now at $47.28.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 87 days.
What The Experts Say On Newmont
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $57.333333333333336.
- Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on Newmont with a target price of $57.
- Maintaining their stance, an analyst from Jefferies continues to hold a Buy rating for Newmont, targeting a price of $54.
- An analyst from CIBC has elevated its stance to Outperformer, setting a new price target at $61.
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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