Deep-pocketed investors have adopted a bullish approach towards Newmont NEM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in NEM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 12 extraordinary options activities for Newmont. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 50% bearish. Among these notable options, 5 are puts, totaling $286,258, and 7 are calls, amounting to $981,421.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $27.5 to $50.0 for Newmont over the last 3 months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Newmont options trades today is 3581.27 with a total volume of 3,697.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Newmont's big money trades within a strike price range of $27.5 to $50.0 over the last 30 days.
Newmont Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $50.00 | $347.7K | 3.0K | 135 |
| NEM | CALL | SWEEP | NEUTRAL | 01/17/25 | $40.00 | $318.6K | 2.6K | 0 |
| NEM | PUT | TRADE | BULLISH | 01/17/25 | $40.00 | $116.2K | 3.5K | 0 |
| NEM | CALL | SWEEP | BEARISH | 01/17/25 | $42.50 | $112.1K | 1.6K | 433 |
| NEM | CALL | SWEEP | BULLISH | 01/19/24 | $32.50 | $72.3K | 556 | 5 |
About Newmont
Newmont is the world's largest gold miner, producing about 6 million attributable ounces of gold in 2022, good for about 5% of global mined output. The company also produced 1.3 million attributable gold equivalent ounces from the sale of byproducts, including copper, silver, zinc, and lead in 2022. It had about two decades of gold reserves along with significant byproduct reserves at end 2022. After buying Goldcorp in 2019 and combining its Nevada mines in a joint venture with competitor Barrick later that year, Newmont's portfolio includes 12 wholly owned mines and interests in two joint ventures in the Americas, Africa, and Australia. It is also in the process of acquiring competitor Newcrest, with the deal likely to close in November 2023.
After a thorough review of the options trading surrounding Newmont, we move to examine the company in more detail. This includes an assessment of its current market status and a synthesis of what experts and analysts are saying about the stock.
Current Position of Newmont
- With a volume of 14,634,933, the price of NEM is down -0.37% at $34.65.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 105 days.
What Analysts Are Saying About Newmont
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $58.0.
- In a cautious move, an analyst from BMO Capital downgraded its rating to Outperform, setting a price target of $58.
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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