Cleveland-Cliffs Inc. (NYSE:CLF) stock is pulling back in premarket trading on Tuesday after surging 8.71% to close higher on Monday.

Multi-Year Partnership With Palantir

Separately, Cleveland-Cliffs has signed a three-year partnership with Palantir Technologies Inc. (NASDAQ:PLTR) to deploy AI across its operations and commercial functions.

The company will use Palantir’s platform to enhance production planning, order entry and workflows, aiming to integrate data, anticipate constraints and improve real-time coordination across facilities.

CEO Lourenco Goncalves said early pilot results were “nothing short of a gamechanger,” adding the platform helps solve complex steelmaking challenges and aligns well with the company’s culture and strategy.

Analyst Outlook

Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $11.77. Recent analyst moves include:

  • Morgan Stanley: Overweight (Lowers Target to $12.00) (April 21)
  • JP Morgan: Neutral (Lowers Target to $10.00) (April 14)
  • Wells Fargo: Equal-Weight (Lowers Target to $9.00) (March 19)

Benzinga Edge Rankings

Below is the Benzinga Edge scorecard for Cleveland-Cliffs, highlighting its strengths and weaknesses compared to the broader market:

  • Momentum: Weak (Score: 18.56) — The stock’s trend strength is lagging, even with a recent bounce.

The Verdict: Cleveland-Cliffs’ Benzinga Edge signal reveals a momentum-challenged setup, with the scorecard flagging weak trend strength versus the broader market. For longer-term traders, that keeps the focus on whether the stock can build acceptance back above overhead moving averages rather than just bouncing off support.

Top ETF Exposure

  • SPDR S&P Metals & Mining ETF (NYSE:XME): 4.60% Weight
  • Adaptiv Select ETF (NYSE:ADPV): 4.46% Weight

Significance: Because CLF carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

CLF Price Action: Cleveland-Cliffs shares were down 1.32% at $10.47 during premarket trading on Tuesday, according to Benzinga Pro data.

Photo by Piotr Swat via Shutterstock