Looking At Newmont's Recent Unusual Options Activity

High-rolling investors have positioned themselves bullish on Newmont NEM, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in NEM often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 9 options trades for Newmont. This is not a typical pattern.

The sentiment among these major traders is split, with 55% bullish and 22% bearish. Among all the options we identified, there was one put, amounting to $38,130, and 8 calls, totaling $297,250.

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 $65.0 for Newmont over the recent three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Newmont stands at 3707.57, with a total volume reaching 1,537.00. 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 $30.0 to $65.0, throughout the last 30 days.

Newmont Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

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.

Present Market Standing of Newmont

• Currently trading with a volume of 1,992,706, the NEM's price is up by 1.8%, now at $56.68.
• RSI readings suggest the stock is currently may be approaching overbought.
• Anticipated earnings release is in 7 days.

Expert Opinions on Newmont

3 market experts have recently issued ratings for this stock, with a consensus target price of $65.0.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from UBS persists with their Buy rating on Newmont, maintaining a target price of $65. * Consistent in their evaluation, an analyst from UBS keeps a Buy rating on Newmont with a target price of $67. * Consistent in their evaluation, an analyst from Jefferies keeps a Buy rating on Newmont with a target price of $63.

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.

If you want to stay updated on the latest options trades for Newmont, Benzinga Pro gives you real-time options trades alerts.