A whale with a lot of money to spend has taken a noticeably bearish stance on Freeport-McMoRan.
Looking at options history for Freeport-McMoRan (NYSE:FCX) we detected 36 strange trades.
If we consider the specifics of each trade, it is accurate to state that 27% of the investors opened trades with bullish expectations and 72% with bearish.
From the overall spotted trades, 15 are puts, for a total amount of $2,149,406 and 21, calls, for a total amount of $1,224,686.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $21.0 to $50.0 for Freeport-McMoRan over the last 3 months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Freeport-McMoRan's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Freeport-McMoRan's whale trades within a strike price range from $21.0 to $50.0 in the last 30 days.
Freeport-McMoRan Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| FCX | PUT | SWEEP | NEUTRAL | 04/29/22 | $50.00 | $905.7K | 4.3K | 1.0K |
| FCX | PUT | SWEEP | BEARISH | 05/20/22 | $38.00 | $225.7K | 7.2K | 2.5K |
| FCX | PUT | TRADE | BULLISH | 01/19/24 | $37.00 | $190.2K | 1.6K | 337 |
| FCX | PUT | TRADE | BULLISH | 01/19/24 | $37.00 | $182.7K | 1.6K | 1.0K |
| FCX | CALL | TRADE | NEUTRAL | 01/20/23 | $47.00 | $170.1K | 2.9K | 396 |
Where Is Freeport-McMoRan Standing Right Now?
- With a volume of 25,514,947, the price of FCX is down -0.23% at $41.81.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 87 days.
What The Experts Say On Freeport-McMoRan:
- RBC Capital has decided to maintain their Sector Perform rating on Freeport-McMoRan, which currently sits at a price target of $47.
- Deutsche Bank has decided to maintain their Hold rating on Freeport-McMoRan, which currently sits at a price target of $47.
- Morgan Stanley has decided to maintain their Equal-Weight rating on Freeport-McMoRan, which currently sits at a price target of $39.
- BMO Capital has decided to maintain their Outperform rating on Freeport-McMoRan, which currently sits at a price target of $56.
- Deutsche Bank has decided to maintain their Hold rating on Freeport-McMoRan, which currently sits at a price target of $50.
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.
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