Peering Into Cleveland-Cliffs's Recent Short Interest
Portfolio Pulse from Benzinga Insights
Cleveland-Cliffs (NYSE:CLF) has seen an 8.0% increase in its short percent of float since the last report, with 31.79 million shares sold short, representing 7.29% of its available trading shares. This indicates a bearish market sentiment, although it doesn't necessarily predict a near-term price drop. Cleveland-Cliffs has a higher short interest compared to its peers, with an average of 5.70% in its peer group.
April 04, 2024 | 6:30 pm
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Cleveland-Cliffs's short interest has increased, indicating a bearish market sentiment but doesn't necessarily predict a near-term price drop.
An increase in short interest suggests that more investors are betting against the stock, which can be a bearish signal. However, this does not directly translate to an immediate price decrease, as short interest can also lead to a short squeeze if the stock's price starts to rise. The comparison with peers indicates that CLF has a higher short interest, which could make it more susceptible to volatility based on market sentiment changes.
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