ASA Gold and Precious Metals (NYSE:ASA) Shares Pass Below 200 Day Moving Average - Should You Sell?

Key Points

• ASA Gold and Precious Metals shares fell below their 200-day moving average of $60.64, trading as low as $57.68 and last changing hands near $58.56.
• Despite the technical weakness, Weiss Ratings reiterated a “buy (B-)” rating, and MarketBeat data shows a consensus “Buy” rating from the one analyst covering the stock.
• Several institutional investors increased their holdings, including Saba Capital Management, Royal Bank of Canada, and Quantedge Capital, indicating continued institutional interest in the precious-metals investment fund.

Shares of ASA Gold and Precious Metals Limited (NYSE:ASA - Get Free Report) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $60.64 and traded as low as $57.68. ASA Gold and Precious Metals shares last traded at $58.5550, with a volume of 102,952 shares traded.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a "buy (b-)" rating on shares of ASA Gold and Precious Metals in a report on Monday, August 31st. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy".

ASA Gold and Precious Metals Trading Up 0.2%

The stock's 50-day moving average price is $57.18 and its 200-day moving average price is $60.64.

Institutional Investors Weigh In On ASA Gold and Precious Metals

A number of hedge funds have recently added to or reduced their stakes in ASA. Saba Capital Management L.P. raised its position in shares of ASA Gold and Precious Metals by 9.5% during the first quarter. Saba Capital Management L.P. now owns 5,903,701 shares of the investment management company's stock worth $366,207,000 after purchasing an additional 511,988 shares during the period. Royal Bank of Canada grew its position in 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 purchasing an additional 323,875 shares during the period. Blue Bell Private Wealth Management LLC increased its stake in ASA Gold and Precious Metals by 3.6% during 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 in the last quarter. Zazove Associates LLC increased its stake in ASA Gold and Precious Metals by 3.2% during the 1st quarter. Zazove Associates LLC now owns 32,655 shares of the investment management company's stock valued at $2,026,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Quantedge Capital Pte Ltd raised its holdings in ASA Gold and Precious Metals by 580.7% during the first quarter. Quantedge Capital Pte Ltd now owns 27,547 shares of the investment management company's stock worth $1,709,000 after buying an additional 23,500 shares during the last quarter.

About ASA Gold and Precious Metals

ASA Gold and Precious Metals Limited NYSE: ASA is a closed-end investment company that seeks long-term capital appreciation by investing primarily in companies involved in the exploration, mining, and processing of gold and other precious metals.

The fund's portfolio may include businesses associated with gold, silver, platinum-group metals, diamonds, and other precious minerals. Its investments can span mining companies and related enterprises in established and emerging resource-producing regions around the world, giving shareholders exposure to the global precious-metals industry through a single investment vehicle.

Founded in 1958 and incorporated in Bermuda, ASA Gold and Precious Metals Limited does not operate mines or sell physical metals directly.

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