- The stock price of Cleveland-Cliffs Inc (NYSE: CLF) increased by 14.55% today. This is why it happened.
The stock price of Cleveland-Cliffs Inc (NYSE: CLF) increased by 14.55% today. The stock price of Cleveland-Cliffs appears to be driven by retail investors active on social media platforms like Reddit, StockTwits, Discord, Twitter, Facebook, etc.
Reddit users on the WallStreetBets forum pointed out that the company shares are being shorted and there are discussions about the company being undervalued.
This comes at a time that steel prices have been rising. According to The Street, the price of steel is now trading at nearly triple the 20-year average.
UBS analyst Andreas Bokkenheuser recently noted the current steel price rally is not the result of a “super-cycle.” And it is more supply-constraint than demand-strength driven. US Steel also saw its stock price increase 3.6% today despite a broader market selloff.
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