ASA Gold and Precious Metals (NYSE:ASA) Shares Up 10.4% - Still a Buy?

Key Points

• Shares jumped 10.4% to $63.75 on Wednesday (intraday high $64.14), but trading volume was just 9,845 shares—about a 92% decline from the 120,679 average—suggesting the rally had limited participation.
• Saba Capital has been accumulating stock, most recently buying 83,533 shares at $69.69 (Feb. 12) and now holding roughly 5.85 million shares (~$408M); insiders bought 511,988 shares in the quarter (~$35.5M) overall.
• Weiss Ratings reiterated a "Buy" and the consensus rating is "Buy"; technically ASA sits below its 50‑day moving average ($68.89) but above its 200‑day moving average ($57.74).

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report)'s share price rose 10.4% on Wednesday . The company traded as high as $64.14 and last traded at $63.75. Approximately 9,845 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 120,679 shares. The stock had previously closed at $57.77.

Analyst Upgrades and Downgrades

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

ASA Gold and Precious Metals Stock Performance

The firm has a 50-day moving average price of $68.89 and a two-hundred day moving average price of $57.74.

Insider Buying and Selling

In related news, major shareholder Saba Capital Management, L.P. bought 83,533 shares of the company's stock in a transaction on Thursday, February 12th. The shares were acquired at an average cost of $69.69 per share, for a total transaction of $5,821,414.77. Following the purchase, the insider directly owned 5,853,141 shares of the company's stock, valued at approximately $407,905,396.29. The trade was a 1.45% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have bought 511,988 shares of company stock valued at $35,463,315. Company insiders own 1.69% of the company's stock.

Institutional Trading of ASA Gold and Precious Metals

A number of large investors have recently modified their holdings of ASA. Flax Pond Capital LLC bought a new position in ASA Gold and Precious Metals in the fourth quarter worth approximately $567,000. Zazove Associates LLC lifted its holdings in shares of ASA Gold and Precious Metals by 78.8% in the 4th quarter. Zazove Associates LLC now owns 31,655 shares of the investment management company's stock worth $1,889,000 after buying an additional 13,955 shares during the period. Verdad Advisers LP purchased a new stake in shares of ASA Gold and Precious Metals in the 4th quarter worth $301,000. Saba Capital Management L.P. grew its position in shares of ASA Gold and Precious Metals by 15.8% during the 4th quarter. Saba Capital Management L.P. now owns 5,391,713 shares of the investment management company's stock worth $321,724,000 after buying an additional 735,036 shares in the last quarter. Finally, Evolve Private Wealth LLC purchased a new position in shares of ASA Gold and Precious Metals during the fourth quarter valued at $1,178,000.

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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