Special Opportunities Fund, Inc. (NYSE:SPE) Sees Significant Growth in Short Interest

Key Points

• Short interest in Special Opportunities Fund experienced a significant increase, rising by 79.6% in August, totaling 26,400 shares by August 31st.
• The company's stock is currently trading at $15.90, with a slight decline of 0.1%, and has a dividend yield of 8.3% after a recent monthly dividend payout.
• Institutional investors now hold 35.60% of Special Opportunities Fund's stock, with notable increases in positions by several hedge funds during the recent quarters.

Special Opportunities Fund, Inc. (NYSE:SPE - ) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totaling 26,400 shares, a growth of 79.6% from the August 15th total of 14,700 shares. Approximately 0.5% of the company's shares are short sold. Based on an average daily trading volume, of 29,800 shares, the days-to-cover ratio is presently 0.9 days. Based on an average daily trading volume, of 29,800 shares, the days-to-cover ratio is presently 0.9 days. Approximately 0.5% of the company's shares are short sold.

Special Opportunities Fund Stock Down 0.1%

Shares of NYSE:SPE traded down $0.01 during midday trading on Friday, reaching $15.90. The company's stock had a trading volume of 25,555 shares, compared to its average volume of 28,292. The firm has a 50 day moving average price of $15.53 and a two-hundred day moving average price of $15.11. Special Opportunities Fund has a fifty-two week low of $12.72 and a fifty-two week high of $15.94.

Special Opportunities Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th were paid a $0.1098 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 8.3%. The ex-dividend date of this dividend was Tuesday, August 19th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Jefferies Financial Group Inc. acquired a new position in Special Opportunities Fund during the 4th quarter worth approximately $439,000. NBC Securities Inc. raised its stake in Special Opportunities Fund by 106,333.3% during the 1st quarter. NBC Securities Inc. now owns 15,965 shares of the closed-end fund's stock worth $239,000 after buying an additional 15,950 shares during the period. Oppenheimer & Co. Inc. raised its stake in Special Opportunities Fund by 8.8% during the 1st quarter. Oppenheimer & Co. Inc. now owns 24,766 shares of the closed-end fund's stock worth $372,000 after buying an additional 2,000 shares during the period. Envestnet Asset Management Inc. acquired a new position in Special Opportunities Fund during the 1st quarter worth approximately $363,000. Finally, Cetera Investment Advisers acquired a new position in Special Opportunities Fund during the 1st quarter worth approximately $293,000. 35.60% of the stock is owned by institutional investors and hedge funds.

Special Opportunities Fund Company Profile

Special Opportunities Fund, Inc is a close-ended balanced fund of funds launched and managed by Bulldog Investors, LLC. It invests in close-ended funds investing in public equity and fixed income markets. The fund employs a combination of value, opportunistic and special situations strategies to make its investments.

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