High-rolling investors have positioned themselves bullish on Newmont NEM, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in NEM often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for Newmont. This is not a typical pattern.
The sentiment among these major traders is split, with 55% bullish and 44% bearish. Among all the options we identified, there was one put, amounting to $27,360, and 8 calls, totaling $896,598.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $42.5 for Newmont over the last 3 months.
Analyzing 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 $30.0 to $42.5 in the last 30 days.
Newmont 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | TRADE | BULLISH | 03/15/24 | $42.50 | $459.8K | 6.6K | 1.0K |
| NEM | CALL | SWEEP | BULLISH | 03/15/24 | $42.50 | $142.7K | 6.6K | 1.0K |
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $40.00 | $54.4K | 3.1K | 140 |
| NEM | CALL | TRADE | NEUTRAL | 01/17/25 | $40.00 | $54.2K | 3.1K | 320 |
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $40.00 | $54.1K | 3.1K | 390 |
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 3,534,287, the price of NEM is up 0.1% at $40.16.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 48 days.
Expert Opinions on Newmont
In the last month, 1 experts released ratings on this stock with an average target price of $40.0.
- Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Newmont, targeting a price of $40.
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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