Benzinga | Jan 26, 2022 10:54AM EST

Cleveland-Cliffs Whale Trades Spotted

Someone with a lot of money to spend has taken a bearish 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.

So how do we know what this whale just did?

Today, Benzinga's options scanner spotted 11 uncommon options trades for Cleveland-Cliffs.

This isn't normal.

The overall sentiment of these big-money traders is split between 45% bullish and 54%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $319,950, and 9 are calls, for a total amount of $680,812.

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

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 $10.0 to $27.0 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 TRADE BEARISH 01/19/ $13.00 $341.8K 364 600 24CLF PUT SWEEP BULLISH 01/20/ $27.00 $289.1K 2.4K 350 23CLF CALL SWEEP BULLISH 01/19/ $20.00 $89.7K 5.9K 596 24CLF CALL TRADE BEARISH 01/19/ $13.00 $57.7K 364 600 24CLF CALL TRADE BEARISH 01/20/ $10.00 $40.0K 6.2K 57 23

Where Is Cleveland-Cliffs Standing Right Now?

* With a volume of 5,445,466, the price of CLF is down -0.36% at $16.79.

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

* Next earnings are expected to be released in 16 days.

What The Experts Say On Cleveland-Cliffs:

* Wolfe Research downgraded its action to Peer Perform with a price target of $23

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.