ASA Gold and Precious Metals (NYSE:ASA) Share Price Passes Below Two Hundred Day Moving Average - Here's Why

Key Points

• ASA Gold and Precious Metals fell below its 200-day moving average of $62.34, trading as low as $56.87 before last changing hands at approximately $57.45.
• Weiss Ratings downgraded the stock from “buy (b)” to “buy (b-)”; however, MarketBeat reports a continued consensus “Buy” rating from the available analyst coverage.
• Several institutional investors increased their positions, including Royal Bank of Canada, which raised its holdings by 882.4%, and Saba Capital Management, which added 9.5% to its stake.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $62.34 and traded as low as $56.87. ASA Gold and Precious Metals shares last traded at $57.4510, with a volume of 43,682 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered shares of ASA Gold and Precious Metals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Wednesday, June 3rd. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, ASA Gold and Precious Metals has a consensus rating of "Buy".

ASA Gold and Precious Metals Price Performance

The stock's fifty day moving average is $53.86 and its 200-day moving average is $62.34.

Hedge Funds Weigh In On ASA Gold and Precious Metals

Hedge funds have recently made changes to their positions in the stock. Trust Co. of Vermont acquired a new position in ASA Gold and Precious Metals during the second quarter worth $47,000. Zazove Associates LLC boosted its holdings in ASA Gold and Precious Metals by 3.2% during the 1st 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 boosted its holdings in ASA Gold and Precious Metals by 882.4% during the 1st quarter. Royal Bank of Canada now owns 360,577 shares of the investment management company's stock valued at $22,366,000 after acquiring an additional 323,875 shares during the period. Saba Capital Management L.P. grew its position 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 valued at $366,207,000 after acquiring an additional 511,988 shares in the last quarter. Finally, Group One Trading LLC acquired a new position in ASA Gold and Precious Metals in the 1st quarter valued at about $50,000.

ASA Gold and Precious Metals Company Profile

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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