This Is What Whales Are Betting On Freeport-McMoRan
Portfolio Pulse from Benzinga Insights
A significant bearish stance has been taken on Freeport-McMoRan (NYSE:FCX) by a large investor or institution, as indicated by unusual options trading activity. The sentiment among these big-money traders is split, with 41% bullish and 58% bearish. The targeted price range for FCX over the last 3 months is $34.0 to $47.0. The current price of FCX is down -3.77% at $37.23. Morgan Stanley maintains an Equal-Weight rating on FCX with a price target of $44.
September 21, 2023 | 8:31 pm
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Unusual options trading activity indicates a significant bearish stance on Freeport-McMoRan. The current price is down -3.77% at $37.23, with a targeted price range of $34.0 to $47.0 over the last 3 months.
The bearish stance taken by a large investor or institution, as indicated by the unusual options trading activity, could potentially drive the price of FCX down in the short term. The current price is already down -3.77% at $37.23, and the sentiment among big-money traders is more bearish than bullish. However, Morgan Stanley maintains an Equal-Weight rating on FCX with a price target of $44, which could provide some support to the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100