Freeport-McMoRan Unusual Options Activity For July 18
Portfolio Pulse from Benzinga Insights
A significant investor has taken a bearish stance on Freeport-McMoRan (NYSE:FCX), with 80% of recent trades being bearish. The price target for the company over the last 3 months has been between $25.0 to $42.0. The company's stock price is currently up 0.27% at $40.57. Bernstein and Citigroup have downgraded their ratings to Market Perform and Neutral respectively, while Morgan Stanley maintains an Equal-Weight rating.
July 18, 2023 | 3:46 pm
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NEGATIVE IMPACT
Bearish stance taken on Freeport-McMoRan with 80% of recent trades being bearish. The price target for the company over the last 3 months has been between $25.0 to $42.0. The company's stock price is currently up 0.27% at $40.57.
The bearish stance taken by a significant investor, along with the downgrades by Bernstein and Citigroup, could potentially lead to a decrease in the stock price of Freeport-McMoRan in the short term. However, the current increase in the stock price and the maintained rating by Morgan Stanley could mitigate this impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100