Whales with a lot of money to spend have taken a noticeably bullish stance on Newmont.
Looking at options history for Newmont (NYSE:NEM) we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 50% of the investors opened trades with bullish expectations and 25% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $348,470 and 5, calls, for a total amount of $350,921.
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 $35.0 to $60.0 for Newmont over the last 3 months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Newmont stands at 3609.14, with a total volume reaching 817.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Newmont, situated within the strike price corridor from $35.0 to $60.0, throughout the last 30 days.
Newmont 30-Day Option Volume & Interest Snapshot
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NEM | PUT | TRADE | BULLISH | 08/16/24 | $1.88 | $1.85 | $1.85 | $47.00 | $185.0K | 0 | 177 |
| NEM | PUT | TRADE | NEUTRAL | 01/16/26 | $16.25 | $13.9 | $15.1 | $60.00 | $113.2K | 79 | 0 |
| NEM | CALL | TRADE | BEARISH | 01/16/26 | $15.25 | $15.0 | $15.1 | $35.00 | $113.2K | 5.1K | 0 |
| NEM | CALL | SWEEP | NEUTRAL | 09/20/24 | $1.44 | $1.41 | $1.41 | $50.00 | $85.4K | 16.5K | 621 |
| NEM | CALL | SWEEP | BULLISH | 10/18/24 | $2.93 | $2.92 | $2.93 | $47.50 | $71.7K | 178 | 19 |
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.
In light of the recent options history for Newmont, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Present Market Standing of Newmont
- Currently trading with a volume of 2,694,558, the NEM's price is up by 0.34%, now at $47.16.
- RSI readings suggest the stock is currently may be overbought.
- Anticipated earnings release is in 2 days.
What Analysts Are Saying About Newmont
A total of 3 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $55.0.
- An analyst from Jefferies persists with their Buy rating on Newmont, maintaining a target price of $54.
- An analyst from B of A Securities has decided to maintain their Buy rating on Newmont, which currently sits at a price target of $50.
- Showing optimism, an analyst from CIBC upgrades its rating to Outperformer with a revised price target of $61.
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.
