Investors with a lot of money to spend have taken a bullish stance on Freeport-McMoRan FCX.
And retail traders should know.
We noticed this today when the trades 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 FCX, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 12 uncommon options trades for Freeport-McMoRan.
This isn't normal.
The overall sentiment of these big-money traders is split between 75% bullish and 16%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $107,513, and 10 are calls, for a total amount of $3,016,608.
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 $38.0 and $49.0 for Freeport-McMoRan, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Freeport-McMoRan stands at 2548.8, with a total volume reaching 15,051.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Freeport-McMoRan, situated within the strike price corridor from $38.0 to $49.0, throughout the last 30 days.
Freeport-McMoRan 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | CALL | TRADE | BULLISH | 11/15/24 | $2.08 | $2.01 | $2.06 | $47.00 | $1.9M | 3.8K | 10.0K |
| FCX | CALL | TRADE | BULLISH | 11/15/24 | $2.89 | $2.85 | $2.88 | $45.00 | $720.0K | 818 | 2.5K |
| FCX | CALL | SWEEP | BULLISH | 11/15/24 | $2.06 | $2.05 | $2.05 | $47.00 | $143.7K | 3.8K | 714 |
| FCX | PUT | TRADE | BULLISH | 11/15/24 | $5.85 | $5.8 | $5.81 | $49.00 | $58.1K | 1.1K | 100 |
| FCX | CALL | SWEEP | BULLISH | 09/06/24 | $0.79 | $0.61 | $0.61 | $45.50 | $57.6K | 18 | 1.3K |
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.
Current Position of Freeport-McMoRan
- With a volume of 1,411,412, the price of FCX is up 1.99% at $44.16.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 55 days.
What Analysts Are Saying About Freeport-McMoRan
In the last month, 1 experts released ratings on this stock with an average target price of $52.0.
- Consistent in their evaluation, an analyst from Scotiabank keeps a Sector Outperform rating on Freeport-McMoRan with a target price of $52.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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