iShares Silver Trust (NYSEARCA:SLV) Shares Gap Down – Should You Sell?

Shares of iShares Silver Trust (NYSEARCA:SLV) gapped down prior to trading on Wednesday . The stock had previously closed at $55.73, but opened at $52.94. iShares Silver Trust shares last traded at $53.5620, with a volume of 10,879,965 shares.

iShares Silver Trust Price Performance

The firm has a market cap of $30.12 billion, a PE ratio of -8.51 and a beta of 0.45. The firm has a 50-day simple moving average of $67.40 and a 200 day simple moving average of $70.17.

Institutional Investors Weigh In On iShares Silver Trust

Several hedge funds have recently bought and sold shares of SLV. Brighton Jones LLC lifted its holdings in shares of iShares Silver Trust by 9.2% during the fourth quarter. Brighton Jones LLC now owns 18,858 shares of the exchange traded fund’s stock valued at $497,000 after purchasing an additional 1,595 shares during the last quarter. Bison Wealth LLC purchased a new position in iShares Silver Trust during the fourth quarter valued at $238,000. Capstone Wealth Management Group LLC bought a new stake in iShares Silver Trust in the first quarter worth $443,000. Schnieders Capital Management LLC. grew its stake in shares of iShares Silver Trust by 15.0% in the second quarter. Schnieders Capital Management LLC. now owns 9,975 shares of the exchange traded fund’s stock worth $327,000 after acquiring an additional 1,300 shares during the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of iShares Silver Trust in the second quarter worth $886,000.

About iShares Silver Trust

iShares Silver Trust (the Trust) owns silver transferred to the Trust in exchange for shares issued by the Trust. The Trust’s each share represents a fractional undivided beneficial interest in its net assets. The assets of the Trust consist of silver held by the Trust’s custodian on behalf of the Trust. The activities of the Trust are limited to issuing baskets of shares in exchange for the silver deposited with the custodian as consideration, selling silver as necessary to cover the sponsor’s fee, Trust expenses not assumed by the sponsor and other liabilities, and delivering silver in exchange for baskets of shares surrendered for redemption.