Smart Money Is Betting Big In NEM Options

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 16 extraordinary options activities for Newmont. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 75% leaning bullish and 25% bearish. Among these notable options, 5 are puts, totaling $1,067,840, and 11 are calls, amounting to $482,689.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $47.5 to $60.0 for Newmont over the last 3 months.

Volume & Open Interest Development

In today's trading context, the average open interest for options of Newmont stands at 7940.17, with a total volume reaching 9,484.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Newmont, situated within the strike price corridor from $47.5 to $60.0, throughout the last 30 days.

Newmont 30-Day Option Volume & Interest Snapshot

Significant Options Trades Detected:

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.

Having examined the options trading patterns of Newmont, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Newmont's Current Market Status

• With a trading volume of 6,043,346, the price of NEM is up by 0.92%, reaching $54.02.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 34 days from now.

Professional Analyst Ratings for Newmont

2 market experts have recently issued ratings for this stock, with a consensus target price of $61.5.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Argus Research has elevated its stance to Buy, setting a new price target at $58. * Consistent in their evaluation, an analyst from UBS keeps a Buy rating on Newmont with a target price of $65.

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.