Newmont's Options: A Look at What the Big Money is Thinking
Portfolio Pulse from Benzinga Insights
Options trading activity for Newmont (NYSE:NEM) shows a bearish sentiment among big money investors, with 66% of the trades being bearish. The trading range for the stock is targeted between $35.0 and $52.5. The largest trades include both calls and puts, with varying sentiments and expiration dates. Newmont, the world's largest gold miner, has recently acquired Newcrest and is expected to produce 7.3 million ounces of gold in 2023. The stock price is currently up 2.2% at $41.08, with potential overbought signals from RSI indicators. Analysts have given mixed reviews, with an average target price of $51.5, but with recent downgrades from BMO Capital and Macquarie to Outperform with price targets of $58 and $45, respectively.
December 01, 2023 | 6:45 pm
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Bearish options activity suggests potential downside for Newmont's stock price in the short term, despite the company's strong position as the world's largest gold miner and recent acquisition of Newcrest.
The bearish sentiment in options trading, with 66% of investors expecting a decline, could lead to a short-term negative impact on Newmont's stock price. However, the company's solid fundamentals and recent acquisition of Newcrest may provide some support to the stock, hence the importance is not at the maximum. The confidence level is high due to the clear bearish sentiment reflected in the options market but not absolute due to the mixed analyst ratings and the company's strong market position.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100