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 stock price crossed above its 50-day moving average during trading on Monday . The stock has a 50-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 Stock Performance

The firm has a 50-day moving average of $32.89 and a 200-day moving average of $29.64.

Insider Activity

In other news, major shareholder Saba Capital Management, L.P. acquired 1,836 shares of ASA Gold and Precious Metals stock in a transaction on Wednesday, August 13th. The shares were acquired at an average price of $35.11 per share, with a total value of $64,461.96. Following the purchase, the insider directly owned 4,042,551 shares in the company, valued at $141,933,965.61. The trade was a 0.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders bought a total of 788,714 shares of company stock worth $27,732,550 in the last three months. Company insiders own 0.29% of the company's stock.

Institutional Trading of ASA Gold and Precious Metals

Several hedge funds have recently modified their holdings of the company. NBC Securities Inc. boosted its holdings 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. JPMorgan Chase & Co. purchased a new position in shares of ASA Gold and Precious Metals in the 2nd quarter worth approximately $61,000. Wealthcare Advisory Partners LLC purchased a new position in shares of ASA Gold and Precious Metals in the 1st quarter worth approximately $220,000. Fruth Investment Management purchased a new position in shares of ASA Gold and Precious Metals in the 1st quarter worth approximately $226,000. Finally, Steward Partners Investment Advisory LLC boosted its holdings in shares of ASA Gold and Precious Metals by 143.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 7,252 shares of the investment management company's stock worth $229,000 after purchasing an additional 4,272 shares during the period.

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.