ASA Gold and Precious Metals (NYSE:ASA) Sees Large Volume Increase - Here's What Happened

Key Points

• ASA Gold and Precious Metals saw a significant trading volume increase of 232%, with approximately 257,357 shares traded on Tuesday, pushing the stock price to $38.58.
• Major shareholder Saba Capital Management acquired 354,169 shares on August 12th, boosting their ownership by 9.61%, which indicates strong insider confidence in the company.
• Institutional investors are showing increased interest, with significant purchases from firms like NBC Securities Inc. and JPMorgan Chase & Co., showcasing a bullish sentiment towards ASA Gold and Precious Metals.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 257,357 shares were traded during mid-day trading, an increase of 232% from the previous session's volume of 77,465 shares.The stock last traded at $38.58 and had previously closed at $37.63.

ASA Gold and Precious Metals Stock Up 3.3%

The stock has a 50 day simple moving average of $34.11 and a two-hundred day simple moving average of $30.98.

Insider Buying and Selling at ASA Gold and Precious Metals

In other ASA Gold and Precious Metals news, major shareholder Saba Capital Management, L.P. bought 30,460 shares of the firm's stock in a transaction that occurred on Wednesday, September 3rd. The stock was purchased at an average price of $38.88 per share, for a total transaction of $1,184,284.80. Following the completion of the purchase, the insider directly owned 4,202,575 shares in the company, valued at $163,396,116. This trade represents a 0.73% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders bought 931,885 shares of company stock worth $33,107,950. 0.29% of the stock is currently owned by company insiders.

Institutional Trading of ASA Gold and Precious Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ASA. Wealthcare Advisory Partners LLC acquired a new position in shares of ASA Gold and Precious Metals in the 1st quarter valued at $220,000. Atria Wealth Solutions Inc. purchased a new stake in ASA Gold and Precious Metals in the first quarter valued at $235,000. Cetera Investment Advisers lifted its position in ASA Gold and Precious Metals by 223.9% in the first quarter. Cetera Investment Advisers now owns 188,855 shares of the investment management company's stock valued at $5,692,000 after acquiring an additional 130,547 shares during the last quarter. Private Advisor Group LLC boosted its stake in ASA Gold and Precious Metals by 57.7% in the first quarter. Private Advisor Group LLC now owns 82,054 shares of the investment management company's stock valued at $2,473,000 after acquiring an additional 30,024 shares in the last quarter. Finally, Matrix Trust Co grew its holdings in shares of ASA Gold and Precious Metals by 36.9% during the first quarter. Matrix Trust Co now owns 47,899 shares of the investment management company's stock worth $1,444,000 after purchasing an additional 12,911 shares during the last quarter.

ASA Gold and Precious Metals Company Profile

ASA Gold and Precious Metals Limited is a publicly owned investment manager. The firm invests in the public equity markets across the globe. It primarily invests in stocks of companies engaged in the exploration, mining or processing of gold, silver, platinum, diamonds, or other precious minerals. It also invests in exchange traded funds.