Investors with a lot of money to spend have taken a bearish stance on Newmont NEM.
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with NEM, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for Newmont.
This isn't normal.
The overall sentiment of these big-money traders is split between 25% bullish and 62%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $28,182, and 7, calls, for a total amount of $281,235.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $47.5 for Newmont, spanning the last three months.
Analyzing 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 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 $30.0 to $47.5 in the last 30 days.
Newmont Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | CALL | TRADE | BULLISH | 01/16/26 | $11.85 | $11.4 | $11.7 | $35.00 | $63.1K | 5.3K | 0 |
| NEM | CALL | SWEEP | BEARISH | 07/19/24 | $1.52 | $1.41 | $1.52 | $42.50 | $57.1K | 4.4K | 50 |
| NEM | CALL | SWEEP | BEARISH | 06/21/24 | $12.5 | $12.2 | $12.2 | $30.00 | $42.7K | 365 | 5 |
| NEM | CALL | SWEEP | BEARISH | 06/20/25 | $4.6 | $4.45 | $4.45 | $47.50 | $33.3K | 926 | 0 |
| NEM | CALL | SWEEP | BEARISH | 06/21/24 | $7.05 | $6.8 | $6.84 | $35.00 | $33.1K | 1.4K | 0 |
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 6.9 million ounces of gold in 2024. However, after buying Newcrest, Newmont is likely to sell a number of its higher cost, smaller mines accounting for 20% of forecast sales in 2024. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves along with significant byproduct reserves at end December 2023.
In light of the recent options history for Newmont, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Newmont's Current Market Status
- Trading volume stands at 2,994,770, with NEM's price up by 2.66%, positioned at $42.9.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 28 days.
What Analysts Are Saying About Newmont
In the last month, 2 experts released ratings on this stock with an average target price of $49.0.
- An analyst from Scotiabank has decided to maintain their Sector Perform rating on Newmont, which currently sits at a price target of $48.
- In a positive move, an analyst from UBS has upgraded their rating to Buy and adjusted the price target to $50.
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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