Looking At McEwen Mining's Recent Unusual Options Activity

Investors with a lot of money to spend have taken a bullish stance on McEwen Mining MUX.

And retail traders should know.

We noticed this today when the positions 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 MUX, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 27 options trades for McEwen Mining.

This isn't normal.

The overall sentiment of these big-money traders is split between 55% bullish and 44%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $93,005, and 26, calls, for a total amount of $1,724,945.

Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $6.0 to $10.0 for McEwen Mining during the past quarter.

Insights into Volume & Open Interest

In terms of liquidity and interest, the mean open interest for McEwen Mining options trades today is 558.6 with a total volume of 125,886.00.

In the following chart, we are able to follow the development of volume and open interest of call and put options for McEwen Mining's big money trades within a strike price range of $6.0 to $10.0 over the last 30 days.

McEwen Mining Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

About McEwen Mining

McEwen Mining Inc is a mining and minerals production and exploration company focused on precious and base minerals in Argentina, Mexico, and the United States. The company's overall revenue is principally derived from the production of gold and silver. The company owns and operates the wholly-owned El Gallo 1 mine in Mexico, and has a minority shareholding in the company that operates the San Jose mine in Argentina. More than half the company's gold output is produced by the El Gallo 1 mine. The remaining gold production, and the majority of silver production, is produced by the San Jose mine. Geographically, the majority is from Canada.

Following our analysis of the options activities associated with McEwen Mining, we pivot to a closer look at the company's own performance.

McEwen Mining's Current Market Status

• Trading volume stands at 372,381, with MUX's price down by -0.66%, positioned at $7.5.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 111 days.

Expert Opinions on McEwen Mining

Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $19.5.

• Consistent in their evaluation, an analyst from HC Wainwright & Co. keeps a Buy rating on McEwen Mining with a target price of $20.
• Maintaining their stance, an analyst from HC Wainwright & Co. continues to hold a Buy rating for McEwen Mining, targeting a price of $18.

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 McEwen Mining options trades with real-time alerts from Benzinga Pro.