NYSE: CLF stock lost 2.59% of its trading price in the weekly time frame on the August 23 trading session. It opened at $15, a few percent below its previous closing price. At press time, Cleveland- -Cliffs Inc. share annual price target was $18.25, around 21.73% greater than the stock’s current price.
In the 52 weeks, CLF stock’s highest price was $22.83, and its lowest traded value was $11.83. Cleveland- Cliffs Inc. has an overall market capitalization of $7.625 Billion, and its share average trading volume is 15.876 Million.
In the past few trading sessions, CLF stock price has been consolidating between $14.51 and $15.53.
CLF Stock Price Analysis
At press time, CLF stock was trading below its 50-day and 200-day exponential moving averages; however, its price has been trading above the 20-day EMA between the August 15 and the August 17 trading sessions. Extreme selling volume dragged CLF stock price downward.
At the time of publication, trading volume reflected buyer dominance. If buyers continued their dominance over sellers in the August 23 trading session, then CLF stock price might face immediate resistance of $15.95 and followed by resistance of $16.47.
In case of continued selling pressure and seller dominance, CLF share price is expected to support $13.61 and possibly support $11.83 immediately.
TradingView states that 496.982 Million CLF shares are free-floating, and the remaining 11.7 Million shares are closely held by the company’s financial backers or the board of directors.
Cleveland- Cliffs Inc Earnings & Revenue
In Q1 2023, Cleveland-Cliffs Inc. was expected to report $5.21 Billion in revenue. It impressed investors, it reported 1.56% more revenue than estimated figures. Similarly, in Q2, the reported revenue was 3.25% higher than the estimated $5.80 Billion, reflecting positive momentum.
Earnings per share surged 44% in Q1, and declined by 2.96% in Q2 2023.
In the financial year 2022, Cleveland-Cliffs Inc. reported $22.99 Billion in revenue from which the gross profit of the company was 10%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was 12%, earnings before interest and taxes (EBIT) was 7%, and net income was 6%.
Conclusion
At press time, CLF stock was trading below the 50-day and 200-day exponential moving averages. If buyers continued their dominance over sellers in the August 23 trading session, then CLF share price might face immediate resistance of $15.95.
