Whales with a lot of money to spend have taken a noticeably bearish stance on Newmont.
Looking at options history for Newmont NEM we detected 22 trades.
If we consider the specifics of each trade, it is accurate to state that 31% of the investors opened trades with bullish expectations and 63% with bearish.
From the overall spotted trades, 7 are puts, for a total amount of $525,090 and 15, calls, for a total amount of $1,728,758.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $25.0 to $60.0 for Newmont over the last 3 months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Newmont options trades today is 6673.31 with a total volume of 13,025.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Newmont's big money trades within a strike price range of $25.0 to $60.0 over the last 30 days.
Newmont Call and Put Volume: 30-Day Overview
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | CALL | SWEEP | NEUTRAL | 09/20/24 | $1.7 | $1.69 | $1.7 | $50.00 | $386.7K | 16.9K | 3.1K |
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $7.2 | $6.6 | $6.65 | $45.00 | $332.5K | 40.3K | 1.0K |
| NEM | CALL | SWEEP | BULLISH | 01/17/25 | $6.55 | $6.5 | $6.55 | $45.00 | $302.6K | 40.3K | 42 |
| NEM | CALL | SWEEP | BEARISH | 06/20/25 | $9.95 | $9.85 | $9.85 | $42.50 | $186.1K | 1.3K | 216 |
| NEM | PUT | TRADE | BEARISH | 01/16/26 | $7.25 | $7.1 | $7.2 | $50.00 | $180.0K | 1.8K | 250 |
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 the end of December 2023.
Present Market Standing of Newmont
- Trading volume stands at 3,261,994, with NEM's price up by 3.03%, positioned at $48.84.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 85 days.
Expert Opinions on Newmont
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $57.333333333333336.
- An analyst from CIBC upgraded its action to Outperformer with a price target of $61.
- An analyst from Jefferies has decided to maintain their Buy rating on Newmont, which currently sits at a price target of $54.
- An analyst from BMO Capital has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $57.
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 Newmont, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
