A whale with a lot of money to spend has taken a noticeably bullish stance on Cleveland-Cliffs.
Looking at options history for Cleveland-Cliffs CLF we detected 18 strange trades.
If we consider the specifics of each trade, it is accurate to state that 77% of the investors opened trades with bullish expectations and 22% with bearish.
From the overall spotted trades, 6 are puts, for a total amount of $326,004 and 12, calls, for a total amount of $513,029.
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 $10.0 to $27.0 for Cleveland-Cliffs over the last 3 months.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for Cleveland-Cliffs options trades today is 4952.69 with a total volume of 23,047.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Cleveland-Cliffs's big money trades within a strike price range of $10.0 to $27.0 over the last 30 days.
Cleveland-Cliffs 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 |
|---|---|---|---|---|---|---|---|---|
| CLF | CALL | SWEEP | BULLISH | 04/21/23 | $16.00 | $107.6K | 1.2K | 401 |
| CLF | PUT | TRADE | BEARISH | 01/19/24 | $18.00 | $71.7K | 2.0K | 351 |
| CLF | PUT | SWEEP | BULLISH | 06/16/23 | $10.00 | $61.0K | 10.3K | 1.6K |
| CLF | PUT | SWEEP | BULLISH | 06/16/23 | $10.00 | $55.2K | 10.3K | 7.6K |
| CLF | CALL | TRADE | BULLISH | 01/19/24 | $15.00 | $54.5K | 3.9K | 104 |
Where Is Cleveland-Cliffs Standing Right Now?
- With a volume of 10,514,713, the price of CLF is up 2.5% at $17.21.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 37 days.
What The Experts Say On Cleveland-Cliffs:
- UBS downgraded its action to Neutral with a price target of $17
- B. Riley Securities has decided to maintain their Buy rating on Cleveland-Cliffs, which currently sits at a price target of $27.
- B of A Securities downgraded its action to Neutral with a price target of $19
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 Cleveland-Cliffs, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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