Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Cleveland-Cliffs Inc shares valued at $132,601 were sold by GREEN SUSAN MIRANDA on Mar 13 ’24. At $20.40 per share, GREEN SUSAN MIRANDA sold 6,500 shares. The insider’s holdings dropped to 90,286 shares worth approximately $2.0 million following the completion of this transaction.
Also, Yocum Arlene M purchased 2,000 shares, netting a total of over 40,050 in proceeds. Following the buying of shares at $20.02 each, the insider now holds 94,887 shares.
Before that, GONCALVES LOURENCO had sold 187,136 shares from its account. In a trade valued at $3,778,276, the Chairman, President & CEO traded Cleveland-Cliffs Inc shares for $20.19 each. Upon closing the transaction, the insider’s holdings decreased to 187,136 shares, worth approximately $59.76 million.
As published in a research note from Wolfe Research on April 09, 2024, Cleveland-Cliffs Inc [CLF] has been rated down from a Peer perform to an Underperform and the price target has been revised to $18. Analysts at Citigroup downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in mid March. As of February 28, 2024, Exane BNP Paribas has decreased its “Neutral” rating to a “an Underperform” for CLF. Earlier on February 15, 2024, Morgan Stanley downgraded its rating. Their new recommendation was “an Equal-weight” for CLF stock which previously was a “an Overweight”.
Analyzing CLF Stock Performance
During the last five days, there has been a drop of approximately -1.25%. Over the course of the year, Cleveland-Cliffs Inc shares have jumped approximately 8.42%. Shares of the company reached a 52-week high of $22.97 on 04/04/24 and a 52-week low of $17.46 on 01/19/24. A 50-day SMA is recorded $20.75, while a 200-day SMA reached $17.70. Nevertheless, trading volume fell to 5.34 million shares from 7.57 million shares the previous day.
Support And Resistance Levels for Cleveland-Cliffs Inc (CLF)
According to the 24-hour chart, there is a support level at 21.91, which, if violated, would cause prices to drop to 21.68. In the upper region, resistance lies at 22.38. The next price resistance is at 22.62. RSI (Relative Strength Index) is 57.18 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.06, which suggests the price will decrease in the coming days. Percent R is at 47.70%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Cleveland-Cliffs Inc subject to short interest?
Stocks of Cleveland-Cliffs Inc saw a sharp rise in short interest on Mar 28, 2024 jumping by 1.75 million shares to 31.19 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 29.44 million shares. A jump of 5.61% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.65 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.65.
