Whales with a lot of money to spend have taken a noticeably bullish stance on Newmont.
Looking at options history for Newmont NEM we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 62% of the investors opened trades with bullish expectations and 37% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $129,620 and 6, calls, for a total amount of $241,010.
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 $37.5 to $42.5 for Newmont over the last 3 months.
Volume & Open Interest Development
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 $37.5 to $42.5 in the last 30 days.
Newmont Call and Put Volume: 30-Day Overview
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | BEARISH | 06/21/24 | $37.50 | $92.5K | 373 | 17 |
| NEM | PUT | SWEEP | BULLISH | 01/16/26 | $40.00 | $72.0K | 1.1K | 0 |
| NEM | PUT | SWEEP | BULLISH | 01/17/25 | $37.50 | $57.6K | 2.8K | 0 |
| NEM | CALL | SWEEP | BULLISH | 03/15/24 | $37.50 | $34.4K | 5.1K | 0 |
| NEM | CALL | SWEEP | BEARISH | 01/17/25 | $40.00 | $31.3K | 2.7K | 46 |
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.
Current Position of Newmont
- With a volume of 4,419,731, the price of NEM is down -1.05% at $38.67.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 73 days.
What The Experts Say On 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 $45.0.
- Reflecting concerns, an analyst from Macquarie lowers its rating to Outperform with a new price target of $45.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Newmont with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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