iShares Silver Trust (NYSEARCA:SLV) Shares Gap Up – Here’s Why

Shares of iShares Silver Trust (NYSEARCA:SLV) gapped up prior to trading on Friday . The stock had previously closed at $64.42, but opened at $67.30. iShares Silver Trust shares last traded at $66.8790, with a volume of 13,311,007 shares.

iShares Silver Trust Price Performance

The stock has a market cap of $35.53 billion, a P/E ratio of -8.51 and a beta of 0.38. The stock’s 50-day moving average is $52.26 and its two-hundred day moving average is $42.45.

Hedge Funds Weigh In On iShares Silver Trust

Several institutional investors have recently added to or reduced their stakes in SLV. United Capital Management of KS Inc. grew its position in iShares Silver Trust by 3.3% in the third quarter. United Capital Management of KS Inc. now owns 6,999 shares of the exchange traded fund’s stock worth $297,000 after acquiring an additional 221 shares in the last quarter. JT Stratford LLC lifted its stake in shares of iShares Silver Trust by 2.7% in the 3rd quarter. JT Stratford LLC now owns 8,429 shares of the exchange traded fund’s stock valued at $357,000 after purchasing an additional 225 shares during the last quarter. Redhawk Wealth Advisors Inc. boosted its holdings in shares of iShares Silver Trust by 2.1% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 11,819 shares of the exchange traded fund’s stock worth $501,000 after purchasing an additional 239 shares during the period. Swisher Financial Concepts Inc. increased its position in shares of iShares Silver Trust by 1.4% during the 3rd quarter. Swisher Financial Concepts Inc. now owns 17,205 shares of the exchange traded fund’s stock valued at $729,000 after purchasing an additional 240 shares during the last quarter. Finally, Nexus Investment Management ULC increased its position in shares of iShares Silver Trust by 50.0% during the 3rd quarter. Nexus Investment Management ULC now owns 750 shares of the exchange traded fund’s stock valued at $32,000 after purchasing an additional 250 shares during the last quarter.

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.