Special Opportunities Fund, Inc. (NYSE:SPE) Sees Large Increase in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE) saw a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 56,779 shares, a growth of 43.9% from the January 29th total of 39,446 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average trading volume of 60,514 shares, the days-to-cover ratio is presently 0.9 days. Based on an average trading volume of 60,514 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.5% of the shares of the company are sold short.

Insiders Place Their Bets

In related news, President Andrew Dakos sold 4,098 shares of the business’s stock in a transaction dated Tuesday, December 30th. The stock was sold at an average price of $14.66, for a total value of $60,076.68. Following the sale, the president directly owned 6,064 shares in the company, valued at approximately $88,898.24. The trade was a 40.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.13% of the company’s stock.

Institutional Investors Weigh In On Special Opportunities Fund

Institutional investors have recently made changes to their positions in the stock. MAI Capital Management grew its position in shares of Special Opportunities Fund by 38.6% in the third quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund’s stock valued at $81,000 after purchasing an additional 1,450 shares in the last quarter. Wolverine Asset Management LLC bought a new position in Special Opportunities Fund in the 3rd quarter worth about $112,000. TrueMark Investments LLC purchased a new position in Special Opportunities Fund during the 3rd quarter valued at about $226,000. NBC Securities Inc. increased its position in shares of Special Opportunities Fund by 21.8% during the fourth quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock valued at $290,000 after buying an additional 3,539 shares during the period. Finally, Cetera Investment Advisers increased its position in shares of Special Opportunities Fund by 19.5% during the second quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock valued at $362,000 after buying an additional 3,811 shares during the period. Hedge funds and other institutional investors own 35.60% of the company’s stock.

Special Opportunities Fund Price Performance

NYSE:SPE traded down $0.03 on Friday, reaching $14.90. 33,130 shares of the company’s stock were exchanged, compared to its average volume of 42,835. The stock has a fifty day simple moving average of $14.98 and a 200-day simple moving average of $15.26. Special Opportunities Fund has a 52 week low of $12.72 and a 52 week high of $15.98.

Special Opportunities Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.1087 dividend. This represents a c) dividend on an annualized basis and a yield of 8.8%. The ex-dividend date is Tuesday, March 17th.

Special Opportunities Fund Company Profile

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.