Financial giants have made a conspicuous bearish move on Newmont. Our analysis of options history for Newmont NEM revealed 10 unusual trades.
Delving into the details, we found 30% of traders were bullish, while 70% showed bearish tendencies. Out of all the trades we spotted, 2 were puts, with a value of $225,253, and 8 were calls, valued at $255,983.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $25.0 to $40.0 for Newmont over the recent three months.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Newmont'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 Newmont's whale trades within a strike price range from $25.0 to $40.0 in the last 30 days.
Newmont Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | PUT | SWEEP | BEARISH | 01/19/24 | $40.00 | $117.7K | 6.4K | 18 |
| NEM | PUT | SWEEP | BEARISH | 03/15/24 | $37.50 | $107.5K | 4.2K | 23 |
| NEM | CALL | SWEEP | BULLISH | 01/19/24 | $35.00 | $45.6K | 5.2K | 204 |
| NEM | CALL | TRADE | BEARISH | 12/15/23 | $30.00 | $35.2K | 289 | 10 |
| NEM | CALL | SWEEP | BEARISH | 03/15/24 | $25.00 | $34.5K | 285 | 54 |
About Newmont
Newmont is the world's largest gold miner, producing about 6 million attributable ounces of gold in 2022, good for about 5% of global mined output. The company also produced 1.3 million attributable gold equivalent ounces from the sale of byproducts, including copper, silver, zinc, and lead in 2022. It had about two decades of gold reserves along with significant byproduct reserves at end 2022. After buying Goldcorp in 2019 and combining its Nevada mines in a joint venture with competitor Barrick later that year, Newmont's portfolio includes 12 wholly owned mines and interests in two joint ventures in the Americas, Africa, and Australia. It is also in the process of acquiring competitor Newcrest, with the deal likely to close in November 2023.
Following our analysis of the options activities associated with Newmont, we pivot to a closer look at the company's own performance.
Where Is Newmont Standing Right Now?
- Currently trading with a volume of 3,527,841, the NEM's price is up by 1.98%, now at $37.09.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 98 days.
Expert Opinions on Newmont
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $58.0.
- An analyst from BMO Capital has revised its rating downward to Outperform, adjusting the price target to $58.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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