Special Opportunities Fund (NYSE:SPE) Share Price Passes Above Fifty Day Moving Average - Time to Sell?

Key Points

• Shares of Special Opportunities Fund (NYSE:SPE) recently crossed above its fifty-day moving average, reaching a high of $15.99 before closing at $15.84.
• The fund announced a monthly dividend of $0.1098, resulting in an annualized dividend yield of 8.3%, with dividends paid to stockholders of record on August 19.
• Approximately 35.60% of Special Opportunities Fund's stock is owned by hedge funds and institutional investors, indicating a strong interest from larger financial entities.

Shares of Special Opportunities Fund, Inc. (NYSE:SPE - ) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $15.53 and traded as high as $15.99. Special Opportunities Fund shares last traded at $15.84, with a volume of 44,718 shares trading hands.

Special Opportunities Fund Stock Performance

The business has a 50 day simple moving average of $15.53 and a 200-day simple moving average of $15.12.

Special Opportunities Fund Announces Dividend

The firm also recently announced 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 was Tuesday, August 19th.

Hedge Funds Weigh In On Special Opportunities Fund

A number of hedge funds and other institutional investors have recently modified their holdings of SPE. Jefferies Financial Group Inc. purchased a new position in shares of Special Opportunities Fund in the 4th quarter worth approximately $439,000. NBC Securities Inc. boosted its stake in shares of Special Opportunities Fund by 106,333.3% in 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 last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Special Opportunities Fund by 8.8% in 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 last quarter. Envestnet Asset Management Inc. purchased a new position in shares of Special Opportunities Fund in the 1st quarter worth approximately $363,000. Finally, Cetera Investment Advisers purchased a new position in shares of Special Opportunities Fund in the 1st quarter worth approximately $293,000. Hedge funds and other institutional investors own 35.60% of the company's stock.

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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