Market Whales and Their Recent Bets on NEM Options
Portfolio Pulse from Benzinga Insights
Benzinga's options scanner detected significant options trades for Newmont (NYSE:NEM), with over 11 trades totaling $628,322 and 7 trades totaling $362,072. Market whales are targeting a price range of $30.0 to $35.0 for NEM options. The mean open interest is 1602.5 with a total volume of 4,609.00. Noteworthy bullish options activity includes trades and sweeps with expiration dates ranging from March 2024 to June 2024 and strike prices at $30 and $35. Newmont, the world's largest gold miner, is in the process of acquiring Newcrest, expected to close in November 2023. NEM's stock is currently trading at $36.48 with a neutral RSI, and its next earnings report is due in 94 days. An analyst from BMO Capital downgraded NEM to Outperform with a price target of $58.
November 20, 2023 | 4:01 pm
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POSITIVE IMPACT
Significant options trading detected for Newmont with bullish sentiment. The company is acquiring Newcrest, and an analyst has set a price target of $58 despite a downgrade to Outperform.
The bullish options activity suggests that traders are optimistic about NEM's future price movement, especially with the upcoming acquisition of Newcrest. The analyst's downgrade to Outperform but with a high price target of $58 indicates a positive outlook, which could influence investor sentiment positively in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100