Sep 10, 2024, 11:30 AM
Sep 10, 2024, 11:30 AM

Cleveland-Cliffs Options Activity Insights for September 10

Highlights
  • Cleveland-Cliffs experienced 14 unusual options trades on September 10, with 6 puts valued at $1,108,225 and 8 calls valued at $443,042.
  • The average open interest for options stands at 2466.25, with a total volume of 12,562.00, indicating significant trading activity within a price range of $5.0 to $15.0.
  • Market analysts suggest that the stock may be oversold, with a current price of $10.89, and experts have set an average target price of $15.75.
Story

Cleveland-Cliffs Inc., a major player in the North American steel industry, reported significant options trading activity on September 10, revealing 14 unusual trades. Among these, 6 put options were valued at over $1 million, while 8 call options totaled approximately $443,000. This trading behavior suggests that investors are actively speculating on the stock's future performance within a price range of $5.0 to $15.0, reflecting a strategic interest in the company's market movements. The current market status shows that Cleveland-Cliffs' stock is priced at $10.89, representing a decline of 3.29%. With a trading volume of over 6 million shares, the stock is perceived to be oversold according to RSI indicators. This situation may present a buying opportunity for investors looking to capitalize on potential price recovery. Analysts have provided mixed ratings for Cleveland-Cliffs, with an average target price of $15.75. A recent upgrade from Seaport Global to a Buy rating, with a target of $16, contrasts with Morgan Stanley's Equal-Weight stance. This divergence in expert opinions highlights the uncertainty surrounding the stock's future performance. As Cleveland-Cliffs prepares for its next earnings report in 41 days, the unusual options activity and expert ratings suggest that investors are closely monitoring the company's performance and market conditions, anticipating potential volatility and opportunities for profit.

Opinions

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