ASA Gold and Precious Metals (NYSE:ASA) Shares Gap Up - Should You Buy?

Key Points

• Gap up: ASA Gold and Precious Metals opened at $59.80 Monday after a prior close of $56.68 and was last trading around $58.18 on light volume (~5,955 shares).
• Insider buying: Major shareholder Saba Capital purchased 83,533 shares at an average $69.69 (~$5.82M), raising its stake to 5,853,141 shares (~$408M); insiders bought 527,992 shares (~$36.4M) over the past 90 days and now own 1.69%.
• Analyst and technical context: Weiss Ratings reiterated a Buy and MarketBeat shows an average Buy rating; the 50-day MA is $69.09 while the 200-day MA is $57.47, leaving the stock below its short-term trend but above the long-term average.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) gapped up prior to trading on Monday . The stock had previously closed at $56.68, but opened at $59.80. ASA Gold and Precious Metals shares last traded at $58.1790, with a volume of 5,955 shares changing hands.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a "buy (b)" rating on shares of ASA Gold and Precious Metals in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, According to MarketBeat, ASA Gold and Precious Metals has an average rating of "Buy".

ASA Gold and Precious Metals Price Performance

The firm's fifty day moving average price is $69.09 and its 200-day moving average price is $57.47.

Insider Transactions at ASA Gold and Precious Metals

In other ASA Gold and Precious Metals news, major shareholder Saba Capital Management, L.P. purchased 83,533 shares of the stock in a transaction on Thursday, February 12th. The stock was bought at an average cost of $69.69 per share, for a total transaction of $5,821,414.77. Following the completion of the acquisition, the insider directly owned 5,853,141 shares of the company's stock, valued at $407,905,396.29. The trade was a 1.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 527,992 shares of company stock valued at $36,425,807 over the last ninety days. 1.69% of the stock is currently owned by insiders.

Institutional Trading of ASA Gold and Precious Metals

A number of large investors have recently bought and sold shares of the business. WHI TRUST Co LLC bought a new position in ASA Gold and Precious Metals in the fourth quarter valued at approximately $30,000. Kestra Advisory Services LLC bought a new stake in shares of ASA Gold and Precious Metals during the fourth quarter worth $58,000. Advisory Services Network LLC acquired a new stake in shares of ASA Gold and Precious Metals during the third quarter worth $55,000. Farther Finance Advisors LLC bought a new stake in ASA Gold and Precious Metals in the 4th quarter valued at $95,000. Finally, JPMorgan Chase & Co. bought a new stake in ASA Gold and Precious Metals in the 2nd quarter valued at $61,000.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.