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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.
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.
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.
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 |
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.
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $62.0.
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.
Posted In: FCX