ASA Gold and Precious Metals (NYSE:ASA) Share Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• ASA Gold and Precious Metals stock surpassed its 50-day moving average of $32.85, trading as high as $35.31 before closing at $35.24.
• Major shareholder Saba Capital Management, L.P. increased their stake by purchasing 35,777 shares at $35.22 each, raising their total ownership to approximately $118 million.
• Institutional investors significantly boosted their holdings in ASA Gold and Precious Metals, with Sessa Capital IM L.P. increasing its position by 56.3% in the first quarter.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report)'s share price crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $32.85 and traded as high as $35.31. ASA Gold and Precious Metals shares last traded at $35.24, with a volume of 470,389 shares traded.

ASA Gold and Precious Metals Trading Up 1.8%

The business has a 50-day moving average price of $32.91 and a 200-day moving average price of $29.72.

Insiders Place Their Bets

In other ASA Gold and Precious Metals news, major shareholder Saba Capital Management, L.P. purchased 354,169 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average cost of $35.39 per share, with a total value of $12,534,040.91. Following the completion of the transaction, the insider owned 4,040,715 shares of the company's stock, valued at approximately $143,000,903.85. This represents a 9.61% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 788,714 shares of company stock worth $27,732,550 over the last quarter. 0.29% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Sessa Capital IM L.P. raised its position in ASA Gold and Precious Metals by 56.3% during the first quarter. Sessa Capital IM L.P. now owns 1,050,000 shares of the investment management company's stock valued at $31,647,000 after buying an additional 378,327 shares during the period. Sprott Inc. grew its stake in ASA Gold and Precious Metals by 74.9% in the first quarter. Sprott Inc. now owns 280,183 shares of the investment management company's stock valued at $8,445,000 after purchasing an additional 120,000 shares in the last quarter. Capstone Investment Advisors LLC grew its stake in ASA Gold and Precious Metals by 634.3% in the fourth quarter. Capstone Investment Advisors LLC now owns 266,221 shares of the investment management company's stock valued at $5,383,000 after purchasing an additional 229,968 shares in the last quarter. Cetera Investment Advisers grew its stake 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 purchasing an additional 130,547 shares in the last quarter. Finally, Medici Capital LLC purchased a new position in ASA Gold and Precious Metals in the second quarter valued at about $5,238,000.

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.