ASA Gold and Precious Metals (NYSE:ASA) Shares Cross Below 200-Day Moving Average - What's Next?

Key Points

• ASA Gold and Precious Metals shares fell below their 200-day moving average of $61.35, trading as low as $60.02 before last changing hands at $60.17 on volume of 50,877 shares.
• Despite the technical weakness, Weiss Ratings reaffirmed a “buy (B-)” rating, and the stock currently has an average “Buy” rating from the analyst tracked by MarketBeat.
• Institutional ownership has generally increased, with notable additions from Saba Capital Management, Almitas Capital, Royal Bank of Canada and other investors.

ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) crossed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $61.35 and traded as low as $60.02. ASA Gold and Precious Metals shares last traded at $60.17, with a volume of 50,877 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of ASA Gold and Precious Metals in a research note on Monday, August 31st. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy".

ASA Gold and Precious Metals Trading Down 4.4%

The stock has a 50-day moving average price of $56.48 and a 200 day moving average price of $61.35.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Saba Capital Management L.P. boosted its holdings in shares of ASA Gold and Precious Metals by 9.5% in the first quarter. Saba Capital Management L.P. now owns 5,903,701 shares of the investment management company's stock valued at $366,207,000 after acquiring an additional 511,988 shares during the period. Almitas Capital LLC increased its holdings in shares of ASA Gold and Precious Metals by 14.0% in the 4th quarter. Almitas Capital LLC now owns 382,139 shares of the investment management company's stock valued at $22,802,000 after acquiring an additional 46,797 shares during the period. Royal Bank of Canada increased its holdings in shares of ASA Gold and Precious Metals by 882.4% in the 1st quarter. Royal Bank of Canada now owns 360,577 shares of the investment management company's stock valued at $22,366,000 after acquiring an additional 323,875 shares during the period. Blue Bell Private Wealth Management LLC raised its position in ASA Gold and Precious Metals by 3.6% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 143,341 shares of the investment management company's stock valued at $8,553,000 after purchasing an additional 4,986 shares during the last quarter. Finally, Private Advisor Group LLC raised its position in ASA Gold and Precious Metals by 3.2% in the 3rd quarter. Private Advisor Group LLC now owns 84,157 shares of the investment management company's stock valued at $3,854,000 after purchasing an additional 2,622 shares during the last quarter.

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.