Looking At Newmont's Recent Unusual Options Activity

Investors with a lot of money to spend have taken a bearish stance on Newmont NEM.

And retail traders should know.

We noticed this today when the positions 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 NEM, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 22 options trades for Newmont.

This isn't normal.

The overall sentiment of these big-money traders is split between 22% bullish and 50%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $66,560, and 21, calls, for a total amount of $1,494,744.

Projected Price Targets

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $30.0 to $57.5 for Newmont over the recent three months.

Volume & Open Interest Trends

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 $57.5 in the last 30 days.

Newmont Option Volume And Open Interest Over Last 30 Days

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.

Where Is Newmont Standing Right Now?

• With a volume of 2,052,879, the price of NEM is up 1.22% at $52.03.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 62 days.

What Analysts Are Saying About Newmont

In the last month, 2 experts released ratings on this stock with an average target price of $58.0.

• In a positive move, an analyst from Scotiabank has upgraded their rating to Sector Outperform and adjusted the price target to $59.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on Newmont with a target price of $57.

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 Newmont with Benzinga Pro for real-time alerts.