ASA Gold and Precious Metals Limited (NYSE:ASA) Sees Large Drop in Short Interest

ASA Gold and Precious Metals Limited (NYSE:ASA) was the target of a significant decrease in short interest in July. As of July 15th, there was short interest totaling 6,063 shares, a decrease of 31.9% from the June 30th total of 8,897 shares. Based on an average trading volume of 63,434 shares, the days-to-cover ratio is currently 0.1 days. Currently, 0.0% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of ASA Gold and Precious Metals from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy”.

ASA Gold and Precious Metals Stock Performance

ASA traded down $1.88 during trading hours on Friday, hitting $48.94. 81,886 shares of the stock were exchanged, compared to its average volume of 55,474. ASA Gold and Precious Metals has a 12 month low of $30.95 and a 12 month high of $83.20. The stock has a 50-day simple moving average of $54.94 and a 200-day simple moving average of $63.01.

Institutional Investors Weigh In On ASA Gold and Precious Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantedge Capital Pte Ltd boosted its stake 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 in the last quarter. Altium Capital Management LLC acquired a new position in shares of ASA Gold and Precious Metals in the 4th quarter valued at $3,116,000. Saba Capital Management L.P. lifted its holdings in shares of ASA Gold and Precious Metals by 9.5% during the 1st quarter. Saba Capital Management L.P. now owns 5,903,701 shares of the investment management company’s stock worth $366,207,000 after acquiring an additional 511,988 shares during the period. Flax Pond Capital LLC acquired a new stake in shares of ASA Gold and Precious Metals during the 4th quarter valued at about $567,000. Finally, Marex Group plc increased its stake in ASA Gold and Precious Metals by 79.9% in the fourth quarter. Marex Group plc now owns 8,995 shares of the investment management company’s stock valued at $537,000 after acquiring an additional 3,995 shares during the period.

About ASA Gold and Precious Metals

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.