Looking At Cleveland-Cliffs's Recent Unusual Options Activity

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

Options Call Chart

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date of Trade
ticker
Put/Call
Strike Price
DTE
Sentiment
Posted In: OptionsMarketsBZI-UOA
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!