Cleveland-Cliffs Target Higher; GLJ Sees Steel Prices Lifting Valuation
Cleveland-Cliffs, a recent meme-stock favorite, could see a higher valuation from current steel prices, a GLJ Research analyst says.
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Cleveland-Cliffs (
CLF) - Get Report shares got a price-target hike from a GLJ Research analyst who says current steel prices could boost the steelmaker s valuation.
Shares of the Cleveland company have wavered on Thursday. At last check the stock was off 1.7% at $22.82. It had traded up as much as 6.7% at a 52-week high $24.77.
Analyst Gordon Johnson, who raised his price target to $28.35 from $22.09, said in a research note that at current prices for US HRC, referring to the Hardness Rockwell C scale, we could see strong upside potential to CLF s valuation. Those prices appear sustainable, he said.
Cleveland-Cliffs Jumps on Support From Meme Stock Traders
Shares of steelmaker Cleveland-Cliffs jumped more than 14% on nearly four times their normal daily trading volume on Wednesday.
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Shares of Cleveland-Cliffs Inc. (
CLF) - Get Report jumped more than 14% on Wednesday as the steelmaker was swept up in the meme-stock craze that has roiled markets in recent months.
Cleveland-Cliffs shares experienced more than four times their normal trading volume, rising 14.6% to $23.22 on Wednesday. Trading in the company s call options was five times the average, according to Bloomberg.
A forum on Reddit channel WallStreetBets claims the company is being shorted and that it is undervalued at a time when steel prices are rising and there are long wait times for big steel orders due to shortages.
Barrick Gold on Track to Reach 2021 Production Targets
Barrick Gold said it expects gold production in the second half to exceed the first-half level.
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Barrick Gold (
GOLD) - Get Report said Thursday that it was on track to achieve its 2021 production targets as gold prices soared to a seven-week high.
Shares of the Toronto mining company traded on the New York Stock Exchange at last check were climbing 4.7% to $22.10.
Barrick reported preliminary first-quarter production of 1.1 million ounces of gold and 93 million pounds of copper.
The company also reported preliminary first-quarter sales of 1.09 million ounces of gold and 113 million pounds of copper.
Gold Timers Are Finally Throwing in the Towel
Mark Hulbert says gold traders should be encouraged by this contrarian analysis of sentiment among market timers.
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Take heart, long-suffering gold traders: A sustainable rally is getting close.
I base this forecast on a contrarian analysis of sentiment among several dozen gold market timers. Collectively, they are now more pessimistic than at almost any other time over the past two decades. In effect, these timers have constructed an incredibly high and strong Wall of Worry that a gold market rally could climb.
The construction of this wall has been going on for some time, of course. Gold bullion has dropped nearly $400 an ounce since its high last August. Shares of gold mining companies have dropped even more in percentage terms: The VanEck Vectors Gold Miners ETF GDX has dropped 29% since August.
Targeted Mining ETFs that Benefit from Electric Vehicle ESG March 7, 2021
A rare earth miner-related exchange traded fund was among the hardest hit on Friday, but the sector has enjoyed a stellar run on the heels of renewed interest in clean energy technologies.
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VanEck Vectors Rare Earth/Strategic Metals ETF (REMX) fell 3.1% on Friday, testing its short-term support at the 50-day simple moving average. REMX has increased 20.6% year-to-date and has advanced 128.2% over the past year.
Rare earth miners and uranium producers have enjoyed the flood of new money going into electric vehicles and environmental, social, and governance investment themes, Bloomberg reports.