Unpacking the Latest Options Trading Trends in Newmont

Newmont Mining Corporation +1.22%

Newmont Mining Corporation




Investors with a lot of money to spend have taken a bullish stance on Newmont (NYSE:NEM).

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with NEM, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 8 uncommon options trades for Newmont.

This isn't normal.

The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $61,897, and 6 are calls, for a total amount of $594,689.

Expected Price Movements

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 $42.5 for Newmont during the past quarter.

Analyzing Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Newmont's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Newmont's substantial trades, within a strike price spectrum from $35.0 to $42.5 over the preceding 30 days.

Newmont Option Volume And Open Interest Over Last 30 Days

Options Call Chart

Largest Options Trades Observed:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Strike Price Total Trade Price Open Interest Volume
NEM CALL SWEEP BEARISH 06/21/24 $35.00 $430.0K 5.7K 510
NEM CALL SWEEP BULLISH 06/21/24 $42.50 $35.1K 7.4K 360
NEM CALL SWEEP BULLISH 06/21/24 $42.50 $34.6K 7.4K 90
NEM CALL TRADE BEARISH 06/21/24 $42.50 $34.6K 7.4K 180
NEM PUT SWEEP BULLISH 01/17/25 $40.00 $34.5K 4.0K 160

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 7.3 million ounces of gold in 2023 pro forma for Newcrest on an annualized basis. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts from its various gold mines. It had about two decades of gold reserves along with significant byproduct reserves after acquiring Newcrest.

Having examined the options trading patterns of Newmont, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Newmont's Current Market Status

  • Trading volume stands at 1,961,729, with NEM's price down by -0.33%, positioned at $42.24.
  • RSI indicators show the stock to be may be approaching overbought.
  • Earnings announcement expected in 56 days.

What Analysts Are Saying About Newmont

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $40.0.

  • Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for Newmont, targeting a price of $40.

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.

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