High-rolling investors have positioned themselves bullish on Freeport-McMoRan FCX, 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 FCX often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 14 options trades for Freeport-McMoRan. This is not a typical pattern.
The sentiment among these major traders is split, with 50% bullish and 50% bearish. Among all the options we identified, there was one put, amounting to $77,935, and 13 calls, totaling $873,201.
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 $35.0 to $60.0 for Freeport-McMoRan during the past quarter.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 7714.1, with a total volume reaching 7,191.00. 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 $35.0 to $60.0, throughout the last 30 days.
Freeport-McMoRan 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BEARISH | 01/17/25 | $40.00 | $217.5K | 8.0K | 300 |
| FCX | CALL | SWEEP | BULLISH | 01/19/24 | $42.00 | $100.5K | 25.9K | 1.2K |
| FCX | CALL | SWEEP | BEARISH | 02/16/24 | $41.00 | $97.1K | 9.3K | 813 |
| FCX | CALL | SWEEP | BULLISH | 01/19/24 | $42.00 | $90.5K | 25.9K | 2.3K |
| FCX | CALL | TRADE | BULLISH | 01/17/25 | $35.00 | $88.7K | 2.7K | 0 |
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.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Present Market Standing of Freeport-McMoRan
- Currently trading with a volume of 2,304,673, the FCX's price is down by -0.19%, now at $41.33.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 16 days.
What The Experts Say On Freeport-McMoRan
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $42.0.
- Consistent in their evaluation, an analyst from UBS keeps a Neutral rating on Freeport-McMoRan with a target price of $41.
- Maintaining their stance, an analyst from Raymond James continues to hold a Outperform rating for Freeport-McMoRan, targeting a price of $43.
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 Freeport-McMoRan, 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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