Investors with a lot of money to spend have taken a bullish stance on Cleveland-Cliffs CLF.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 8 uncommon options trades for Cleveland-Cliffs.
This isn't normal.
The overall sentiment of these big-money traders is split between 50% bullish and 50%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $464,000, and 4 are calls, for a total amount of $146,317.
Predicted Price Range
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $10.0 to $20.0 for Cleveland-Cliffs over the recent three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Cleveland-Cliffs options trades today is 3870.0 with a total volume of 3,413.00.
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 $20.0 over the last 30 days.
Cleveland-Cliffs 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CLF | PUT | TRADE | BEARISH | 11/15/24 | $7.35 | $7.3 | $7.35 | $20.00 | $147.0K | 613 | 400 |
| CLF | PUT | TRADE | BEARISH | 11/15/24 | $7.3 | $7.25 | $7.3 | $20.00 | $146.0K | 613 | 200 |
| CLF | PUT | TRADE | BULLISH | 01/17/25 | $1.09 | $1.06 | $1.07 | $12.00 | $107.0K | 5.5K | 1.0K |
| CLF | PUT | SWEEP | BEARISH | 01/17/25 | $1.6 | $1.58 | $1.6 | $13.00 | $64.0K | 10.3K | 407 |
| CLF | CALL | TRADE | BULLISH | 09/20/24 | $0.99 | $0.95 | $0.98 | $12.00 | $49.0K | 1.9K | 501 |
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.
Cleveland-Cliffs's Current Market Status
- With a volume of 4,472,977, the price of CLF is down -5.36% at $12.36.
- RSI indicators hint that the underlying stock may be approaching oversold.
- Next earnings are expected to be released in 48 days.
What The Experts Say On Cleveland-Cliffs
2 market experts have recently issued ratings for this stock, with a consensus target price of $15.75.
- In a positive move, an analyst from Seaport Global has upgraded their rating to Buy and adjusted the price target to $16.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Cleveland-Cliffs, maintaining a target price of $15.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Cleveland-Cliffs with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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