Deep-pocketed investors have adopted a bullish approach towards Freeport-McMoRan FCX, 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 FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 14 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 57% leaning bullish and 35% bearish. Among these notable options, 3 are puts, totaling $145,820, and 11 are calls, amounting to $775,573.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $44.0 and $55.0 for Freeport-McMoRan, spanning the last three 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 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 $44.0 to $55.0 over the preceding 30 days.
Freeport-McMoRan Option Volume And Open Interest Over 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 | CALL | SWEEP | BULLISH | 01/17/25 | $3.45 | $3.35 | $3.4 | $50.00 | $247.1K | 22.6K | 1.7K |
| FCX | CALL | TRADE | BEARISH | 01/17/25 | $3.6 | $3.5 | $3.5 | $50.00 | $210.0K | 22.6K | 920 |
| FCX | PUT | SWEEP | BULLISH | 12/20/24 | $3.25 | $3.2 | $3.2 | $49.00 | $82.2K | 12 | 265 |
| FCX | CALL | SWEEP | BULLISH | 03/21/25 | $2.8 | $2.6 | $2.6 | $55.00 | $61.9K | 6.5K | 270 |
| FCX | CALL | SWEEP | NEUTRAL | 11/15/24 | $2.05 | $2.04 | $2.04 | $50.00 | $44.0K | 12.4K | 4.0K |
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.
After a thorough review of the options trading surrounding Freeport-McMoRan, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Freeport-McMoRan
- Trading volume stands at 2,613,482, with FCX's price down by -0.24%, positioned at $48.6.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 22 days.
What Analysts Are Saying About Freeport-McMoRan
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $56.0.
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. * Consistent in their evaluation, an analyst from Morgan Stanley keeps a Overweight rating on Freeport-McMoRan with a target price of $58. * Showing optimism, an analyst from UBS upgrades its rating to Buy with a revised price target of $55. * An analyst from Raymond James has decided to maintain their Outperform rating on Freeport-McMoRan, which currently sits at a price target of $55.
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 Freeport-McMoRan 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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