Newmont's Options: A Look at What the Big Money is Thinking

Deep-pocketed investors have adopted a bearish 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 13 extraordinary options activities for Newmont. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 38% leaning bullish and 53% bearish. Among these notable options, 3 are puts, totaling $311,733, and 10 are calls, amounting to $855,050.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $37.5 to $50.0 for Newmont over the recent three months.

Volume & Open Interest Development

In terms of liquidity and interest, the mean open interest for Newmont options trades today is 4892.29 with a total volume of 11,049.00.

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 $37.5 to $50.0 over the last 30 days.

Newmont Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

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.

Where Is Newmont Standing Right Now?

• Currently trading with a volume of 1,355,859, the NEM's price is up by 2.76%, now at $42.06.
• RSI readings suggest the stock is currently may be oversold.
• Anticipated earnings release is in 94 days.

What Analysts Are Saying About Newmont

A total of 4 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $57.0.

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 Raymond James has decided to maintain their Outperform rating on Newmont, which currently sits at a price target of $66. * In a cautious move, an analyst from Scotiabank downgraded its rating to Sector Perform, setting a 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 has revised its rating downward to Neutral, adjusting the price target to $54.

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 Newmont with Benzinga Pro for real-time alerts.