ASA Gold and Precious Metals (NYSE:ASA) Sees Strong Trading Volume After Insider Buying Activity

Key Points

• ASA Gold and Precious Metals experienced a significant increase in trading volume, with approximately 163,638 shares changing hands, marking a 97% rise from the previous session.
• Major shareholder Saba Capital Management, L.P. made multiple insider purchases, acquiring a total of 74,861 shares over several days, increasing their ownership stake in the company.
• Institutional investments also rose, with various hedge funds adjusting their positions in ASA Gold and Precious Metals, indicating increased investor interest.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) saw unusually-strong trading volume on Thursday following insider buying activity. Approximately 163,638 shares changed hands during trading, an increase of 97% from the previous session's volume of 82,899 shares.The stock last traded at $40.51 and had previously closed at $40.27.

Specifically, major shareholder Saba Capital Management, L.P. bought 19,126 shares of ASA Gold and Precious Metals stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average cost of $40.34 per share, with a total value of $771,542.84. Following the transaction, the insider directly owned 4,310,895 shares of the company's stock, valued at $173,901,504.30. This represents a 0.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Saba Capital Management, L.P. bought 31,225 shares of ASA Gold and Precious Metals stock in a transaction dated Tuesday, September 9th. The stock was acquired at an average cost of $40.06 per share, for a total transaction of $1,250,873.50. Following the completion of the transaction, the insider directly owned 4,291,769 shares in the company, valued at approximately $171,928,266.14. This trade represents a 0.73% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, major shareholder Saba Capital Management, L.P. purchased 24,510 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were bought at an average price of $40.50 per share, for a total transaction of $992,655.00. Following the purchase, the insider directly owned 4,260,544 shares in the company, valued at approximately $172,552,032. This trade represents a 0.58% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

ASA Gold and Precious Metals Price Performance

The stock's 50 day moving average is $34.60 and its 200-day moving average is $31.25.

Hedge Funds Weigh In On ASA Gold and Precious Metals

Several hedge funds and other institutional investors have recently bought and sold shares of ASA. Walleye Capital LLC lifted its stake in shares of ASA Gold and Precious Metals by 1.4% in the 2nd quarter. Walleye Capital LLC now owns 24,871 shares of the investment management company's stock worth $785,000 after purchasing an additional 341 shares during the period. NBC Securities Inc. lifted its stake in shares of ASA Gold and Precious Metals by 128,600.0% in the 1st quarter. NBC Securities Inc. now owns 1,287 shares of the investment management company's stock worth $38,000 after purchasing an additional 1,286 shares during the period. Cetera Investment Advisers increased its holdings in ASA Gold and Precious Metals by 2.6% in the 4th quarter. Cetera Investment Advisers now owns 58,308 shares of the investment management company's stock worth $1,179,000 after acquiring an additional 1,500 shares in the last quarter. JPMorgan Chase & Co. purchased a new stake in ASA Gold and Precious Metals in the 2nd quarter worth approximately $61,000. Finally, Atria Wealth Solutions Inc. raised its position in shares of ASA Gold and Precious Metals by 30.1% during the second quarter. Atria Wealth Solutions Inc. now owns 10,145 shares of the investment management company's stock valued at $320,000 after buying an additional 2,350 shares during the last quarter.

About ASA Gold and Precious Metals

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.

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