Benzinga | Oct 22, 2021 12:22PM EDT

Looking At Cleveland-Cliffs's Recent Whale Trades

Someone with a lot of money to spend (and possibly insider knowledge) has taken a bullish stance on Cleveland-Cliffs(NYSE:CLF).

And retail traders should know.

We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.

Whether this is an institution or just a wealthy individual, we don't know. But when something this big happens with CLF, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 13 options trades for Cleveland-Cliffs.

This isn't normal.

The overall sentiment of these big-money traders is split between 53.85% bullish and 46.15%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $27,290, and 12, calls, for a total amount of $594,266..

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 $18.0 to $30.0 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 $18.0 to $30.0 in the last 30 days.

Cleveland-Cliffs Option Volume And Open Interest Over Last 30 Days

Biggest Options Spotted:

Symbol PUT/ Trade Sentiment Exp. Strike Total Trade Open Volume CALL Type Date Price Price InterestCLF CALL SWEEP BEARISH 11/19/ $20.00 $105.3K 17.0K 7.7K 21CLF CALL SWEEP BEARISH 11/19/ $20.00 $99.0K 17.0K 2.3K 21CLF CALL SWEEP BULLISH 04/14/ $22.00 $77.6K 3.9K 242 22CLF CALL SWEEP BULLISH 01/21/ $30.00 $58.9K 29.9K 986 22CLF CALL TRADE BEARISH 12/17/ $18.00 $48.7K 1.3K 118 21

Where Is Cleveland-Cliffs Standing Right Now?

* With a volume of 33,960,416, the price of CLF is up 9.12% at $23.09.

* RSI indicators hint that the underlying stock may be approaching overbought.

* Next earnings are expected to be released in 0 days.

What The Experts Say On Cleveland-Cliffs:

* Goldman Sachs upgraded its action to Buy with a price target of $24.0

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 are already an options trader or would like to get started, head on over to Benzinga Pro. Benzinga Pro gives you up-to-date news and analytics to empower your investing and trading strategy.