Short Interest in Special Opportunities Fund, Inc. (NYSE:SPE) Increases By 79.6%

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 - Get Free Report) was the recipient of a significant growth in short interest during 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. Based on an average daily volume of 29,800 shares, the short-interest ratio is currently 0.9 days. Currently, 0.5% of the shares of the company are sold short. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 29,800 shares, the short-interest ratio is currently 0.9 days.

Special Opportunities Fund Stock Up 0.4%

Shares of SPE traded up $0.06 during mid-day trading on Friday, hitting $15.66. 35,490 shares of the company traded hands, compared to its average volume of 28,574. The stock has a 50-day moving average price of $15.54 and a two-hundred day moving average price of $15.13. Special Opportunities Fund has a 1 year low of $12.72 and a 1 year high of $15.98.

Special Opportunities Fund Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, August 29th. Stockholders of record on Tuesday, August 19th were issued a dividend of $0.1098 per share. This represents a c) annualized dividend and a dividend yield of 8.4%. The ex-dividend date of this dividend was Tuesday, August 19th.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Jefferies Financial Group Inc. purchased a new position in shares of Special Opportunities Fund during the fourth quarter valued at approximately $439,000. Envestnet Asset Management Inc. purchased a new position in shares of Special Opportunities Fund during the first quarter valued at approximately $363,000. Advisors Asset Management Inc. bought a new stake in Special Opportunities Fund during the first quarter valued at approximately $1,681,000. Oppenheimer & Co. Inc. grew its position in Special Opportunities Fund by 8.8% during the first quarter. Oppenheimer & Co. Inc. now owns 24,766 shares of the closed-end fund's stock valued at $372,000 after buying an additional 2,000 shares during the period. Finally, Cetera Investment Advisers bought a new stake in Special Opportunities Fund during the first quarter valued at approximately $293,000. 35.60% of the stock is owned by hedge funds and other institutional investors.

About Special Opportunities Fund

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.