5 Best Day Trading Stocks To Buy

4. Cleveland-Cliffs Inc. (NYSE:CLF)

Number of Hedge Fund Shareholders: 29

Average 3-Month Daily Volume: 12.9 million

5-Year Monthly Beta: 2.26

Cleveland-Cliffs Inc. (NYSE:CLF) is a manufacturer of various steel and carbon steel products, in addition to custom-made pellets and hot briquetted iron. As with many other manufacturing stocks, CLF shares have been volatile due to rising commodity prices and investor concerns about how an economic slowdown could impact demand. CLF shares are down by over 32% this year after being up by more than 50% at one point.

Cleveland-Cliffs Inc. (NYSE:CLF) pulled in $5.65 billion in revenue during Q3, missing estimates by $160 million, while its earnings of $0.29 per share was barely half the amount analysts were expecting. Demand from the automotive sector remains solid and the company expects costs to trend down during Q4 and into 2023, which could set its shares up for a rebound.

Hedge funds have been trading up a storm in Cleveland-Cliffs Inc. (NYSE:CLF) in recent quarters, as there was a 36% surge in ownership of the stock during Q1, followed by a 39% tumble in Q2. Ken Fisher’s Fisher Asset Management maintained the largest CLF position during Q2, owning 10.9 million shares.