Looking At Freeport-McMoRan's Recent Unusual Options Activity
Portfolio Pulse from Benzinga Insights
A significant bullish stance has been taken on Freeport-McMoRan (NYSE:FCX) as evidenced by unusual options activity. The sentiment among these big-money traders is 70% bullish and 30% bearish. The whales have been targeting a price range from $34.0 to $37.0 for Freeport-McMoRan over the last 3 months. The current price of FCX is up 1.17% at $37.26. Morgan Stanley has maintained their Equal-Weight rating on Freeport-McMoRan with a price target of $44.
October 10, 2023 | 3:15 pm
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Unusual options activity indicates a bullish stance on Freeport-McMoRan. The current price is up and Morgan Stanley maintains an Equal-Weight rating with a price target of $44.
The unusual options activity, which is heavily skewed towards a bullish sentiment, indicates that big-money traders are expecting the price of FCX to rise. This, coupled with the fact that Morgan Stanley has maintained their Equal-Weight rating with a price target of $44, suggests a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100