Looking At Newmont's Recent Unusual Options Activity

Deep-pocketed investors have adopted a bullish approach towards Newmont NEM, 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 NEM usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga's options scanner highlighted 24 extraordinary options activities for Newmont. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 50% leaning bullish and 45% bearish. Among these notable options, 5 are puts, totaling $508,947, and 19 are calls, amounting to $1,660,642.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $37.5 to $62.5 for Newmont over the last 3 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 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 $37.5 to $62.5 in the last 30 days.

Newmont 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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

• With a trading volume of 4,094,269, the price of NEM is down by -0.25%, reaching $48.3.
• Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
• Next earnings report is scheduled for 115 days from now.

What The Experts Say On Newmont

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $60.8.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * An analyst from Scotiabank has revised its rating downward to Sector Perform, adjusting the price target to $55. * Maintaining their stance, an analyst from RBC Capital continues to hold a Sector Perform rating for Newmont, targeting a price of $53. * An analyst from Raymond James has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $66. * Maintaining their stance, an analyst from Jefferies continues to hold a Buy rating for Newmont, targeting a price of $63. * Maintaining their stance, an analyst from UBS continues to hold a Buy rating for Newmont, targeting a price of $67.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Newmont options trades with real-time alerts from Benzinga Pro.