Whales with a lot of money to spend have taken a noticeably bullish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan FCX we detected 10 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 40% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $108,790 and 8, calls, for a total amount of $308,008.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $45.0 to $60.0 for Freeport-McMoRan over the last 3 months.
Insights into 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 Freeport-McMoRan'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 Freeport-McMoRan's whale trades within a strike price range from $45.0 to $60.0 in the last 30 days.
Freeport-McMoRan 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BEARISH | 05/31/24 | $1.35 | $1.21 | $1.2 | $52.00 | $60.0K | 3.9K | 1.0K |
| FCX | CALL | SWEEP | BULLISH | 05/31/24 | $1.35 | $1.2 | $1.2 | $52.00 | $60.0K | 3.9K | 1.5K |
| FCX | PUT | SWEEP | BEARISH | 06/07/24 | $1.0 | $0.97 | $1.0 | $53.00 | $54.4K | 514 | 621 |
| FCX | PUT | SWEEP | BULLISH | 06/07/24 | $1.03 | $1.0 | $1.0 | $53.00 | $54.3K | 514 | 1.9K |
| FCX | CALL | SWEEP | BEARISH | 08/16/24 | $1.21 | $1.15 | $1.18 | $60.00 | $44.5K | 37.1K | 1.1K |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. 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.
Current Position of Freeport-McMoRan
- With a volume of 3,098,390, the price of FCX is down -0.39% at $52.1.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 48 days.
Expert Opinions on Freeport-McMoRan
2 market experts have recently issued ratings for this stock, with a consensus target price of $57.0.
- Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Freeport-McMoRan, targeting a price of $54.
- An analyst from Scotiabank has decided to maintain their Sector Outperform rating on Freeport-McMoRan, which currently sits at a price target of $60.
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.
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