Investors with significant funds have taken a bearish position in Freeport-McMoRan FCX, a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in FCX usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 14 options transactions for Freeport-McMoRan. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 42% being bullish and 50% bearish. Of all the options we discovered, 13 are puts, valued at $719,824, and there was a single call, worth $31,947.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $35.0 to $50.0 for Freeport-McMoRan during the past quarter.
Analyzing Volume & Open Interest
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 Freeport-McMoRan'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 Freeport-McMoRan's whale activity within a strike price range from $35.0 to $50.0 in the last 30 days.
Freeport-McMoRan 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | PUT | SWEEP | BEARISH | 02/21/25 | $1.77 | $1.69 | $1.77 | $35.00 | $150.4K | 582 | 1.0K |
| FCX | PUT | SWEEP | BEARISH | 02/21/25 | $1.84 | $1.83 | $1.84 | $35.00 | $129.9K | 582 | 1.9K |
| FCX | PUT | TRADE | BEARISH | 09/06/24 | $3.1 | $2.95 | $3.05 | $43.50 | $103.7K | 415 | 3 |
| FCX | PUT | SWEEP | BULLISH | 11/15/24 | $10.0 | $9.95 | $9.95 | $50.00 | $39.8K | 4.7K | 93 |
| FCX | PUT | SWEEP | BULLISH | 11/15/24 | $10.0 | $9.95 | $9.95 | $50.00 | $39.8K | 4.7K | 12 |
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.
Following our analysis of the options activities associated with Freeport-McMoRan, we pivot to a closer look at the company's own performance.
Current Position of Freeport-McMoRan
- With a volume of 7,271,286, the price of FCX is down -3.31% at $40.03.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 41 days.
Expert Opinions on Freeport-McMoRan
2 market experts have recently issued ratings for this stock, with a consensus target price of $53.5.
- An analyst from UBS has elevated its stance to Buy, setting a new price target at $55.
- An analyst from Scotiabank persists with their Sector Outperform rating on Freeport-McMoRan, maintaining a target price of $52.
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 Freeport-McMoRan with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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