Newmont Unusual Options Activity For November 05

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 12 trades.

If we consider the specifics of each trade, it is accurate to state that 16% of the investors opened trades with bullish expectations and 75% with bearish.

From the overall spotted trades, 7 are puts, for a total amount of $713,310 and 5, calls, for a total amount of $463,240.

What's The Price Target?

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $60.0 for Newmont, spanning the last three months.

Volume & Open Interest Trends

In terms of liquidity and interest, the mean open interest for Newmont options trades today is 5097.0 with a total volume of 2,750.00.

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 $30.0 to $60.0 over the last 30 days.

Newmont Option Activity Analysis: Last 30 Days

Noteworthy Options Activity:

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 5.5 million ounces of gold in 2024 from its core mines and 6.8 million in total. It 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.

Following our analysis of the options activities associated with Newmont, we pivot to a closer look at the company's own performance.

Newmont's Current Market Status

• Trading volume stands at 1,499,891, with NEM's price up by 0.2%, positioned at $45.85.
• RSI indicators show the stock to be may be approaching oversold.
• Earnings announcement expected in 107 days.

Expert Opinions on Newmont

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $59.0.

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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * In a cautious move, an analyst from UBS downgraded its rating to Neutral, setting a price target of $54. * An analyst from Raymond James has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $66. * Reflecting concerns, an analyst from Scotiabank lowers its rating to Sector Perform with a new price target of $55. * An analyst from RBC Capital persists with their Sector Perform rating on Newmont, maintaining a target price of $53. * An analyst from UBS persists with their Buy rating on Newmont, maintaining a target price of $67.

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