Deep-pocketed investors have adopted a bullish approach towards Barrick Gold GOLD, 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 GOLD usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Barrick Gold. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 50% leaning bullish and 37% bearish. Among these notable options, 2 are puts, totaling $60,612, and 6 are calls, amounting to $497,409.
Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $16.0 and $21.0 for Barrick Gold, spanning the last three months.
Volume & Open Interest Development
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 Barrick Gold'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 Barrick Gold's whale activity within a strike price range from $16.0 to $21.0 in the last 30 days.
Barrick Gold Option Volume And Open Interest Over Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| GOLD | CALL | TRADE | NEUTRAL | 11/15/24 | $3.4 | $3.3 | $3.35 | $16.00 | $190.9K | 1.2K | 571 |
| GOLD | CALL | TRADE | BULLISH | 01/16/26 | $2.68 | $2.53 | $2.68 | $20.00 | $134.0K | 29.1K | 120 |
| GOLD | CALL | SWEEP | BEARISH | 08/02/24 | $0.18 | $0.17 | $0.18 | $19.50 | $54.2K | 2.1K | 3.0K |
| GOLD | CALL | TRADE | BULLISH | 01/17/25 | $1.3 | $1.25 | $1.3 | $20.00 | $52.0K | 177.3K | 401 |
| GOLD | CALL | SWEEP | BULLISH | 09/20/24 | $3.1 | $3.0 | $3.1 | $16.00 | $38.4K | 16.0K | 139 |
About Barrick Gold
Based in Toronto, Barrick Gold is one of the world's largest gold miners. In 2023, the firm produced nearly 4.1 million attributable ounces of gold and about 420 million pounds of copper. At year-end 2023, Barrick had about two decades of gold reserves along with significant copper reserves. After buying Randgold in 2019 and combining its Nevada mines in a joint venture with competitor Newmont later that year, it operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its potential Reko Diq project in Pakistan, if developed, could double copper production by the end of the decade.
After a thorough review of the options trading surrounding Barrick Gold, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Present Market Standing of Barrick Gold
- With a volume of 7,384,715, the price of GOLD is up 1.75% at $18.89.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 19 days.
Expert Opinions on Barrick Gold
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $25.0.
- An analyst from Jefferies persists with their Buy rating on Barrick Gold, maintaining a target price of $23.
- Consistent in their evaluation, an analyst from CIBC keeps a Outperformer rating on Barrick Gold with a target price of $27.
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 Barrick Gold, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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