Behind the Scenes of Freeport-McMoRan's Latest Options Trends
Portfolio Pulse from Benzinga Insights
Deep-pocketed investors have shown a bearish trend towards Freeport-McMoRan (NYSE:FCX) based on recent options activity. Benzinga's options scanner highlighted 15 significant options activities, with 53% of the sentiment being bearish. The price range targeted by these options is between $42.0 and $53.0. The current stock price is $50.42, down 1.39%, with an RSI indicating it may be overbought. An analyst from Morgan Stanley has upgraded the stock to Overweight with a price target of $62.0.
July 15, 2024 | 8:46 pm
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Freeport-McMoRan (NYSE:FCX) has seen significant bearish options activity, with 53% of the sentiment being bearish. The stock is currently down 1.39% at $50.42, and an analyst from Morgan Stanley has upgraded the stock to Overweight with a price target of $62.0.
The significant bearish sentiment in the options market suggests that investors are expecting a decline in FCX's stock price. The current price drop and the RSI indicating overbought conditions support this bearish outlook. However, the upgrade from Morgan Stanley provides a positive counterpoint, suggesting potential for future gains.
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