ASA Gold and Precious Metals Limited (NYSE:ASA) Short Interest Down 64.8% in June

Key Points

• Short interest in ASA Gold and Precious Metals fell sharply in June, dropping 64.8% to 8,897 shares as of June 30 from 25,286 shares on June 15. That leaves only a very small portion of the stock currently sold short.
• Analyst sentiment remains positive overall, with one Buy rating on the stock and an average MarketBeat rating of Buy, even though Weiss Ratings recently trimmed its score from “buy (b)” to “buy (b-).”
• Institutional investors have been active in the name, with firms such as Royal Bank of Canada, Saba Capital Management, and Zazove Associates either adding to or establishing positions in ASA during the first quarter.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) saw a significant decline in short interest in June. As of June 30th, there was short interest totaling 8,897 shares, a decline of 64.8% from the June 15th total of 25,286 shares. Currently, 0.0% of the company's stock are short sold. Based on an average daily volume of 127,804 shares, the short-interest ratio is presently 0.1 days.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded ASA Gold and Precious Metals from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating, According to MarketBeat, the company has an average rating of "Buy".

Hedge Funds Weigh In On ASA Gold and Precious Metals

Several institutional investors and hedge funds have recently made changes to their positions in the company. Zazove Associates LLC boosted its position in shares of ASA Gold and Precious Metals by 3.2% in the first quarter. Zazove Associates LLC now owns 32,655 shares of the investment management company's stock valued at $2,026,000 after acquiring an additional 1,000 shares during the period. Royal Bank of Canada increased its position in ASA Gold and Precious Metals by 882.4% during the first quarter. Royal Bank of Canada now owns 360,577 shares of the investment management company's stock worth $22,366,000 after acquiring an additional 323,875 shares during the period. Saba Capital Management L.P. raised its stake in ASA Gold and Precious Metals by 9.5% in the 1st quarter. Saba Capital Management L.P. now owns 5,903,701 shares of the investment management company's stock worth $366,207,000 after purchasing an additional 511,988 shares in the last quarter. Group One Trading LLC acquired a new stake in ASA Gold and Precious Metals in the 1st quarter worth about $50,000. Finally, Lido Advisors LLC bought a new stake in ASA Gold and Precious Metals in the 1st quarter valued at about $204,000.

ASA Gold and Precious Metals Trading Up 0.1%

Shares of NYSE:ASA opened at $52.54 on Monday. ASA Gold and Precious Metals has a 52-week low of $30.95 and a 52-week high of $83.20. The company has a 50-day simple moving average of $59.52 and a 200 day simple moving average of $64.16.

About ASA Gold and Precious Metals

ASA Gold & Precious Metals Limited, trading on the New York Stock Exchange under the ticker ASA, is a closed-end investment company dedicated to providing shareholders with targeted exposure to the precious metals sector. Established in 1959 and domiciled in Guernsey, the company aims to combine dividend income with the potential for long-term capital appreciation by investing in a diversified suite of gold, silver, platinum and palladium assets.

The firm’s core activities involve constructing and managing a portfolio that blends equity positions in precious metals mining companies with direct holdings of physical bullion.

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