Cleveland-Cliffs (NYSE: CLF) stock had tailed off a little in the last week, but now it looks to be re-establishing its growth with a 4% uptick. Could this just be the beginning?
This article discusses the value proposition presented by Cleveland-Cliffs. CLF has been repeatedly target by the Reddit community, WallStreetBets, with the aim of driving its value to new heights.
After a sharp uptick this morning, we discuss what will happen next for the company. To kick things off, you can find our list of the two best places to buy Cleveland-Cliffs shares online below.
Where to buy Cleveland-Cliffs stock
If you want to invest in Cleveland-Cliffs – or any other stock – quickly and easily, you should choose a stockbroker with low fees, sign up and buy shares.
To help save you some time and to aid your decision, our team of analysts have inserted our top two picks below:
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What is Cleveland-Cliffs?
It is a mining player with an enormous steelmaking division. In fact, as of 2021, it is the largest flat-rolled steel producer in all of North America.
Having been founded in 1847 in Cleveland, Ohio, CLF now produces in excess of $5 billion in annual revenue from its various operations.
Why is CLF’s stock price on the up?
You can often attribute a stock’s price behaviour to market sentiment or some positive financial news. However, the primary reason behind CLF’s price accretion is the popular Reddit forum, WallStreetBets. The group has decided that Cleveland-Cliffs is a ‘meme stock,’ meaning it is a good target for a short squeeze.
Should I buy CLF stock?
If you want to be involved in a stock with the potential for dramatic, unpredictable growth, and you don’t mind dealing with the added volatility and risk, CLF could be a good investment.
Just make sure you are aware of the fact that right now at least, the fundamentals are not driving this price behaviour; market sentiment is.