Investors with a lot of money to spend have taken a bearish 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 9 uncommon options trades for Cleveland-Cliffs.
This isn't normal.
The overall sentiment of these big-money traders is split between 33% bullish and 55%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $56,110, and 7 are calls, for a total amount of $226,775.
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 $8.0 to $16.0 for Cleveland-Cliffs 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 Cleveland-Cliffs'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 Cleveland-Cliffs's whale trades within a strike price range from $8.0 to $16.0 in the last 30 days.
Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CLF | CALL | SWEEP | BEARISH | 11/15/24 | $4.45 | $4.4 | $4.4 | $9.00 | $54.1K | 163 | 0 |
| CLF | CALL | SWEEP | BULLISH | 11/15/24 | $2.62 | $2.5 | $2.59 | $11.00 | $31.0K | 1.5K | 120 |
| CLF | PUT | SWEEP | BEARISH | 01/17/25 | $3.1 | $3.05 | $3.1 | $16.00 | $31.0K | 1.9K | 100 |
| CLF | CALL | TRADE | BEARISH | 11/15/24 | $2.64 | $2.54 | $2.58 | $11.00 | $30.9K | 1.5K | 489 |
| CLF | CALL | SWEEP | BEARISH | 11/15/24 | $2.64 | $2.54 | $2.58 | $11.00 | $30.9K | 1.5K | 129 |
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.
Current Position of Cleveland-Cliffs
- With a trading volume of 1,273,643, the price of CLF is down by -0.26%, reaching $13.43.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 12 days from now.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
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.
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