General American Investors, Inc. (NYSE:GAM) Shares Shorted: Short Interest Up 3,143.8% in September

Key Points

• Short interest surged 3,143.8% to 8,142 shares as of September 15, up from 251 shares at the end of August. Despite the sharp percentage increase, shorted shares represented approximately 0.0% of GAM’s outstanding stock, with a short-interest ratio of 0.5 days.
• GAM shares fell 0.4% to $64.57, trading between a 52-week low of $56.24 and high of $68.57.
• Insiders purchased 15,000 shares worth about $350,950 during the quarter, while institutional investors—including Lazard and Allspring—also increased or initiated positions. Insiders own 7.93% of the company, and institutions own 36.85%.

General American Investors, Inc. (NYSE:GAM - Get Free Report) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 8,142 shares, a growth of 3,143.8% from the August 31st total of 251 shares. Based on an average trading volume of 16,856 shares, the short-interest ratio is presently 0.5 days. Approximately 0.0% of the shares of the company are short sold.

General American Investors Trading Down 0.4%

GAM traded down $0.23 during trading hours on Thursday, hitting $64.57. The stock had a trading volume of 16,682 shares, compared to its average volume of 27,290. General American Investors has a 1 year low of $56.24 and a 1 year high of $68.57. The company's fifty day simple moving average is $66.01 and its 200 day simple moving average is $63.85.

Insider Buying and Selling

In other news, Treasurer Samantha X. Jin bought 2,000 shares of the firm's stock in a transaction on Thursday, September 17th. The stock was acquired at an average cost of $23.69 per share, with a total value of $47,380.00. Following the completion of the transaction, the treasurer directly owned 2,000 shares of the company's stock, valued at $47,380. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Craig Grassi bought 2,000 shares of the stock in a transaction on Tuesday, September 22nd. The stock was purchased at an average price of $23.08 per share, for a total transaction of $46,160.00. Following the completion of the purchase, the insider owned 3,100 shares of the company's stock, valued at approximately $71,548. This trade represents a 181.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 15,000 shares of company stock valued at $350,950. 7.93% of the stock is owned by company insiders.

Institutional Trading of General American Investors

A number of institutional investors have recently modified their holdings of GAM. Lazard Asset Management LLC grew its stake in General American Investors by 13.1% in the 1st quarter. Lazard Asset Management LLC now owns 1,580,674 shares of the investment management company's stock valued at $92,422,000 after buying an additional 183,051 shares in the last quarter. Evolve Private Wealth LLC purchased a new position in shares of General American Investors in the second quarter valued at $2,435,000. Allspring Global Investments Holdings LLC boosted its stake in General American Investors by 9.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 430,935 shares of the investment management company's stock worth $25,197,000 after purchasing an additional 37,312 shares during the period. Capstone Investment Advisors LLC purchased a new position in General American Investors during the 2nd quarter valued at about $2,285,000. Finally, Bank of America Corp DE purchased a new stake in shares of General American Investors in the second quarter worth about $1,948,000. 36.85% of the stock is currently owned by hedge funds and other institutional investors.

General American Investors Company Profile

General American Investors Company, Inc is a publicly traded closed-end investment company that seeks long-term capital appreciation through investments in a diversified portfolio of securities. The company's shares trade on the New York Stock Exchange under the symbol GAM.

Founded in 1927, General American Investors is one of the oldest closed-end investment companies in the United States. Its portfolio has historically included common stocks, convertible securities and other investments, with an emphasis on identifying companies that may offer attractive long-term growth potential.

The company invests primarily in publicly traded businesses across a range of industries and may hold investments in both U.S.

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.