Investors with a lot of money to spend have taken a bullish stance on Freeport-McMoRan FCX.
And retail traders should know.
We noticed this today when the trades 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 FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 16 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 68% bullish and 31%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $328,630, and 10 are calls, for a total amount of $482,938.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $15.0 to $60.0 for Freeport-McMoRan during the past quarter.
Analyzing 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 $15.0 to $60.0 over the preceding 30 days.
Freeport-McMoRan Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| 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 | $3.05 | $2.97 | $3.05 | $50.00 | $122.0K | 25.0K | 402 |
| FCX | PUT | TRADE | BEARISH | 01/15/27 | $16.25 | $14.9 | $16.0 | $60.00 | $80.0K | 0 | 100 |
| FCX | PUT | TRADE | BEARISH | 01/15/27 | $16.0 | $14.9 | $16.0 | $60.00 | $80.0K | 0 | 50 |
| FCX | CALL | TRADE | BULLISH | 01/17/25 | $33.7 | $33.3 | $33.54 | $15.00 | $67.0K | 251 | 20 |
| FCX | PUT | TRADE | BEARISH | 01/17/25 | $7.35 | $7.3 | $7.35 | $55.00 | $63.2K | 1.9K | 86 |
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.
Current Position of Freeport-McMoRan
- Trading volume stands at 5,196,461, with FCX's price up by 1.79%, positioned at $48.81.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 4 days.
Expert Opinions on Freeport-McMoRan
In the last month, 5 experts released ratings on this stock with an average target price of $54.6.
Turn $1000 into $1270 in just 20 days?
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 Morgan Stanley has decided to maintain their Overweight rating on Freeport-McMoRan, which currently sits at a price target of $58. * An analyst from Scotiabank downgraded its action to Sector Perform with a price target of $52. * Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Perform rating on Freeport-McMoRan with a target price of $53. * An analyst from JP Morgan has decided to maintain their Neutral rating on Freeport-McMoRan, which currently sits at a price target of $55. * Consistent in their evaluation, an analyst from Raymond James keeps a Outperform rating on Freeport-McMoRan with a target price of $55.
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 Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.
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