Deep-pocketed investors have adopted a bearish approach towards Cleveland-Cliffs CLF, 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 CLF usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for Cleveland-Cliffs. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 37% leaning bullish and 62% bearish. Among these notable options, 5 are puts, totaling $297,589, and 3 are calls, amounting to $207,041.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $12.0 to $22.0 for Cleveland-Cliffs during the past quarter.
Analyzing Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Cleveland-Cliffs's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Cleveland-Cliffs's significant trades, within a strike price range of $12.0 to $22.0, over the past month.
Cleveland-Cliffs Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CLF | CALL | SWEEP | BULLISH | 01/16/26 | $5.2 | $5.1 | $5.2 | $12.00 | $135.7K | 1.3K | 0 |
| CLF | PUT | SWEEP | BEARISH | 10/18/24 | $3.35 | $3.3 | $3.35 | $18.00 | $97.4K | 1.2K | 0 |
| CLF | PUT | SWEEP | BEARISH | 01/17/25 | $5.25 | $5.15 | $5.25 | $20.00 | $86.6K | 11.4K | 80 |
| CLF | PUT | SWEEP | BEARISH | 11/15/24 | $4.35 | $4.25 | $4.35 | $19.00 | $43.4K | 160 | 16 |
| CLF | PUT | SWEEP | BEARISH | 01/17/25 | $5.25 | $5.15 | $5.25 | $20.00 | $42.0K | 11.4K | 0 |
About Cleveland-Cliffs
Cleveland-Cliffs Inc is a flat-rolled steel producer and manufacturer of iron ore pellets in North America. It is organized into four operating segments based on differentiated products, Steelmaking, Tubular, Tooling and Stamping and European Operations, but operates through one reportable segment -Steelmaking. It is vertically integrated from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. It serves a diverse range of other markets due to its comprehensive offering of flat-rolled steel products. Geographically, it operates in the United States, Canada and other countries. The majority of revenue is from the United States. It is a supplier of steel to the automotive industry in North America.
In light of the recent options history for Cleveland-Cliffs, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Cleveland-Cliffs
- Currently trading with a volume of 5,447,669, the CLF's price is up by 0.4%, now at $14.99.
- RSI readings suggest the stock is currently may be approaching oversold.
- Anticipated earnings release is in 25 days.
What The Experts Say On Cleveland-Cliffs
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $15.652000000000001.
- Maintaining their stance, an analyst from B. Riley Securities continues to hold a Buy rating for Cleveland-Cliffs, targeting a price of $23.
- Maintaining their stance, an analyst from B of A Securities continues to hold a Neutral rating for Cleveland-Cliffs, targeting a price of $18.
- An analyst from JP Morgan downgraded its action to Neutral with a price target of $17.
- In a cautious move, an analyst from GLJ Research downgraded its rating to Sell, setting a price target of $10.
- An analyst from GLJ Research downgraded its action to Sell with a price target of $10.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cleveland-Cliffs options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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