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 15 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 53% leaning bullish and 46% bearish. Among these notable options, 7 are puts, totaling $796,565, and 8 are calls, amounting to $376,063.
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 $60.0 for Freeport-McMoRan over the recent three months.
Volume & Open Interest Development
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 Freeport-McMoRan'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 Freeport-McMoRan's whale activity within a strike price range from $30.0 to $60.0 in the last 30 days.
Freeport-McMoRan Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | PUT | SWEEP | BULLISH | 01/17/25 | $2.18 | $2.0 | $2.0 | $45.00 | $196.2K | 14.8K | 1.0K |
| FCX | PUT | SWEEP | BULLISH | 02/21/25 | $12.25 | $12.15 | $12.15 | $60.00 | $191.9K | 118 | 158 |
| FCX | PUT | SWEEP | BULLISH | 05/16/25 | $12.7 | $12.6 | $12.6 | $60.00 | $183.9K | 0 | 147 |
| FCX | PUT | SWEEP | BULLISH | 03/21/25 | $12.15 | $12.05 | $12.05 | $60.00 | $100.0K | 256 | 98 |
| FCX | CALL | SWEEP | BEARISH | 02/21/25 | $6.65 | $6.55 | $6.55 | $45.00 | $77.3K | 1.3K | 119 |
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.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Current Position of Freeport-McMoRan
- With a volume of 4,657,644, the price of FCX is down -3.29% at $48.38.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 8 days.
Expert Opinions on Freeport-McMoRan
In the last month, 4 experts released ratings on this stock with an average target price of $54.5.
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Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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