iShares Silver Trust (NYSEARCA:SLV) Shares Gap Up – Should You Buy?

iShares Silver Trust (NYSEARCA:SLVGet Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $72.44, but opened at $79.05. iShares Silver Trust shares last traded at $79.83, with a volume of 32,475,726 shares changing hands.

Key Headlines Impacting iShares Silver Trust

Here are the key news stories impacting iShares Silver Trust this week:

iShares Silver Trust Stock Up 7.6%

The company has a market capitalization of $43.79 billion, a PE ratio of -8.51 and a beta of 0.38. The firm’s 50 day simple moving average is $68.81 and its 200 day simple moving average is $50.18.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SLV. Meitav Investment House Ltd. boosted its holdings in iShares Silver Trust by 5.4% during the second quarter. Meitav Investment House Ltd. now owns 2,972,600 shares of the exchange traded fund’s stock worth $97,589,000 after buying an additional 152,600 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of iShares Silver Trust by 12.7% during the 3rd quarter. Raymond James Financial Inc. now owns 2,786,172 shares of the exchange traded fund’s stock valued at $118,050,000 after acquiring an additional 313,816 shares during the period. Ameriprise Financial Inc. increased its stake in shares of iShares Silver Trust by 27.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,676,218 shares of the exchange traded fund’s stock valued at $113,391,000 after purchasing an additional 573,660 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of iShares Silver Trust by 1.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 2,023,406 shares of the exchange traded fund’s stock valued at $85,732,000 after purchasing an additional 26,710 shares in the last quarter. Finally, Mainstay Capital Management LLC ADV raised its holdings in iShares Silver Trust by 82.5% in the 4th quarter. Mainstay Capital Management LLC ADV now owns 1,824,479 shares of the exchange traded fund’s stock worth $117,533,000 after purchasing an additional 824,589 shares during the period.

iShares Silver Trust Company Profile

(Get Free Report)

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.

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