Newmont Options Trading: A Deep Dive into Market Sentiment

Deep-pocketed investors have adopted a bullish 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 29 extraordinary options activities for Newmont. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 48% leaning bullish and 41% bearish. Among these notable options, 9 are puts, totaling $577,129, and 20 are calls, amounting to $1,245,405.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $20.0 to $70.0 for Newmont over the last 3 months.

Insights into Volume & Open Interest

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 $20.0 to $70.0 over the preceding 30 days.

Newmont Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

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.

Current Position of Newmont

• With a trading volume of 4,657,599, the price of NEM is up by 1.94%, reaching $51.19.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 66 days from now.

Professional Analyst Ratings for Newmont

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $58.0.

• An analyst from BMO Capital has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $57.
• In a positive move, an analyst from Scotiabank has upgraded their rating to Sector Outperform and adjusted the price target to $59.

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.