Deep-pocketed investors have adopted a bearish approach towards Freeport-McMoRan (NYSE:FCX), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in FCX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Freeport-McMoRan. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 40% leaning bullish and 53% bearish. Among these notable options, 7 are puts, totaling $276,763, and 8 are calls, amounting to $542,540.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $42.0 to $53.0 for Freeport-McMoRan over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Freeport-McMoRan options trades today is 5455.73 with a total volume of 3,121.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Freeport-McMoRan's big money trades within a strike price range of $42.0 to $53.0 over the last 30 days.
Freeport-McMoRan Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FCX | CALL | SWEEP | BEARISH | 11/15/24 | $4.95 | $4.85 | $4.9 | $50.00 | $247.4K | 3.6K | 30 |
| FCX | CALL | SWEEP | BULLISH | 07/19/24 | $1.23 | $1.22 | $1.23 | $50.00 | $61.2K | 18.0K | 925 |
| FCX | CALL | TRADE | BEARISH | 08/30/24 | $7.75 | $7.25 | $7.25 | $44.00 | $50.7K | 0 | 0 |
| FCX | CALL | SWEEP | BULLISH | 07/26/24 | $0.71 | $0.69 | $0.7 | $53.00 | $50.3K | 733 | 195 |
| FCX | PUT | TRADE | BEARISH | 01/17/25 | $1.6 | $1.36 | $1.6 | $42.00 | $48.0K | 8.6K | 0 |
About Freeport-McMoRan
Freeport-McMoRan Inc is an international mining company. It has organized its mining operations into four primary divisions: North America copper mines, South America mining, Indonesia mining and Molybdenum mines. Its reportable segments include the Morenci, Cerro Verde and Grasberg (Indonesia mining) copper mines, the Rod & Refining operations and Atlantic Copper Smelting and Refining. It derives key revenue from the sale of Copper.
In light of the recent options history for Freeport-McMoRan, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Freeport-McMoRan's Current Market Status
- With a volume of 8,857,824, the price of FCX is down -1.39% at $50.42.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 8 days.
What The Experts Say On Freeport-McMoRan
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $62.0.
- In a positive move, an analyst from Morgan Stanley has upgraded their rating to Overweight and adjusted the price target to $62.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Freeport-McMoRan, Benzinga Pro gives you real-time options trades alerts.