The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Cleveland-Cliffs Inc shares valued at $1,005,666 were purchased by GONCALVES LOURENCO on May 01 ’24. At $16.76 per share, GONCALVES LOURENCO acquired 60,000 shares. The insider’s holdings grew to 2,759,089 shares worth approximately $46.68 million following the completion of this transaction.
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Also, Bloom Ron A. purchased 25,000 shares, netting a total of over 424,875 in proceeds. Following the buying of shares at $17.00 each, the insider now holds 59,900 shares.
Before that, GREEN SUSAN MIRANDA had sold 6,500 shares from its account. In a trade valued at $132,601, the Director traded Cleveland-Cliffs Inc shares for $20.40 each. Upon closing the transaction, the insider’s holdings decreased to 6,500 shares, worth approximately $1.53 million.
As published in their initiating research note from Jefferies on May 20, 2024, Cleveland-Cliffs Inc [CLF] has been a Buy and the price target has been revised to $22. Analysts at Wolfe Research downgraded the stock from ‘”a Peer perform”‘ to ‘”an Underperform”‘ outlook in a report released in early April. As of March 13, 2024, Citigroup has decreased its “Buy” rating to a “Neutral” for CLF. Earlier on February 28, 2024, Exane BNP Paribas downgraded its rating. Their new recommendation was “an Underperform” for CLF stock which previously was a “a Neutral”.
Analyzing CLF Stock Performance
During the last five days, there has been a drop of approximately -4.24%. Over the course of the year, Cleveland-Cliffs Inc shares have dropped approximately -17.14%. Shares of the company reached a 52-week high of $22.97 on 04/04/24 and a 52-week low of $16.50 on 05/01/24. A 50-day SMA is recorded $19.70, while a 200-day SMA reached $17.95. Nevertheless, trading volume fell to 6.61 million shares from 6.93 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 16.67, which, if violated, would cause prices to drop to 16.41. In the upper region, resistance lies at 17.24. The next price resistance is at 17.55. RSI (Relative Strength Index) is 32.65 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.26, which suggests the price will decrease in the coming days. Percent R is at 86.13%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
