Whales with a lot of money to spend have taken a noticeably bearish stance on Newmont.
Looking at options history for Newmont NEM we detected 18 trades.
If we consider the specifics of each trade, it is accurate to state that 33% of the investors opened trades with bullish expectations and 66% with bearish.
From the overall spotted trades, 6 are puts, for a total amount of $339,177 and 12, calls, for a total amount of $749,827.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $35.0 to $52.5 for Newmont over the recent three months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Newmont's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Newmont's significant trades, within a strike price range of $35.0 to $52.5, over the past month.
Newmont Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | TRADE | BEARISH | 01/19/24 | $42.50 | $248.4K | 12.1K | 2.7K |
| NEM | CALL | TRADE | BULLISH | 03/15/24 | $45.00 | $146.5K | 4.7K | 351 |
| NEM | PUT | SWEEP | BEARISH | 01/17/25 | $52.50 | $106.8K | 504 | 81 |
| NEM | PUT | SWEEP | BEARISH | 06/21/24 | $47.50 | $58.9K | 713 | 57 |
| NEM | PUT | SWEEP | BEARISH | 01/17/25 | $42.50 | $58.7K | 1.4K | 10 |
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 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts from its various gold mines. It had about two decades of gold reserves along with significant byproduct reserves after acquiring Newcrest.
Following our analysis of the options activities associated with Newmont, we pivot to a closer look at the company's own performance.
Present Market Standing of Newmont
- With a volume of 5,901,821, the price of NEM is up 2.2% at $41.08.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 83 days.
Expert Opinions on Newmont
In the last month, 2 experts released ratings on this stock with an average target price of $51.5.
- An analyst from BMO Capital downgraded its action to Outperform with a price target of $58.
- In a cautious move, an analyst from Macquarie downgraded its rating to Outperform, setting a price target of $45.
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 Newmont options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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