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 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 30% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $271,093 and 7, calls, for a total amount of $287,178.
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 $25.0 and $42.5 for Newmont, spanning the last three months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
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 activity within a strike price range from $25.0 to $42.5 in the last 30 days.
Newmont 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | PUT | TRADE | BULLISH | 08/16/24 | $2.17 | $2.14 | $2.14 | $42.50 | $214.0K | 3.1K | 78 |
| NEM | CALL | SWEEP | NEUTRAL | 09/20/24 | $4.25 | $4.15 | $4.2 | $40.00 | $67.2K | 13.1K | 0 |
| NEM | CALL | SWEEP | BEARISH | 12/20/24 | $7.05 | $6.95 | $6.95 | $37.50 | $54.9K | 2.6K | 10 |
| NEM | CALL | SWEEP | BEARISH | 09/20/24 | $2.64 | $2.62 | $2.62 | $42.50 | $46.6K | 7.7K | 49 |
| NEM | CALL | SWEEP | BEARISH | 08/16/24 | $18.05 | $17.3 | $17.4 | $25.00 | $35.9K | 0 | 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.
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
Where Is Newmont Standing Right Now?
- Trading volume stands at 6,248,584, with NEM's price down by -1.64%, positioned at $41.9.
- RSI indicators show the stock to be is currently neutral between overbought and oversold.
- Earnings announcement expected in 23 days.
What Analysts Are Saying About Newmont
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $50.0.
- An analyst from UBS upgraded its action to Buy with a price target of $50.
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.
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