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 17 trades.
If we consider the specifics of each trade, it is accurate to state that 41% of the investors opened trades with bullish expectations and 58% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $832,860 and 7, calls, for a total amount of $284,270.
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 $45.0 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 $45.0, over the past month.
Newmont Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | PUT | TRADE | BULLISH | 02/16/24 | $37.50 | $181.9K | 2.4K | 2.1K |
| NEM | PUT | SWEEP | BULLISH | 02/16/24 | $37.50 | $113.3K | 2.4K | 828 |
| NEM | PUT | SWEEP | BEARISH | 03/15/24 | $35.00 | $108.5K | 7.2K | 232 |
| NEM | PUT | SWEEP | BEARISH | 06/21/24 | $45.00 | $107.0K | 2.4K | 121 |
| NEM | PUT | SWEEP | BULLISH | 02/16/24 | $35.00 | $71.9K | 6.0K | 3.2K |
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.
Having examined the options trading patterns of Newmont, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of Newmont
- Trading volume stands at 5,584,501, with NEM's price down by -0.93%, positioned at $37.29.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 37 days.
Expert Opinions on Newmont
1 market experts have recently issued ratings for this stock, with a consensus target price of $46.0.
- An analyst from TD Securities has revised its rating downward to Hold, adjusting the price target to $46.
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.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
