Check Out What Whales Are Doing With FCX

Investors with a lot of money to spend have taken a bearish 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 13 uncommon options trades for Freeport-McMoRan.

This isn't normal.

The overall sentiment of these big-money traders is split between 23% bullish and 76%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $136,250, and 9 are calls, for a total amount of $322,310.

Predicted Price Range

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $33.0 and $41.0 for Freeport-McMoRan, spanning the last three months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of Freeport-McMoRan stands at 1943.78, with a total volume reaching 5,907.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $33.0 to $41.0, throughout the last 30 days.

Freeport-McMoRan Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

About Freeport-McMoRan

Freeport-McMoRan Inc is an international mining company. It operates geographically diverse assets with proven and probable mineral reserves of copper, gold, and molybdenum. The company's portfolio of assets includes the Grasberg minerals district in Indonesia; and mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. It derives key revenue from the sale of Copper.

Current Position of Freeport-McMoRan

• With a trading volume of 5,714,432, the price of FCX is down by -0.39%, reaching $33.11.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 75 days from now.

Professional Analyst Ratings for Freeport-McMoRan

A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $42.666666666666664.

• An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Freeport-McMoRan, which currently sits at a price target of $41.
• Consistent in their evaluation, an analyst from BMO Capital keeps a Outperform rating on Freeport-McMoRan with a target price of $45.
• In a cautious move, an analyst from JP Morgan downgraded its rating to Neutral, setting a price target of $42.

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.