ASA Gold and Precious Metals (NYSE:ASA) Shares Gap Down – Should You Sell?

Shares of ASA Gold and Precious Metals Limited (NYSE:ASA) gapped down prior to trading on Thursday . The stock had previously closed at $60.63, but opened at $54.59. ASA Gold and Precious Metals shares last traded at $56.6350, with a volume of 48,630 shares trading hands.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of ASA Gold and Precious Metals in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

ASA Gold and Precious Metals Price Performance

The stock has a 50-day moving average price of $69.88 and a 200 day moving average price of $56.45.

Insider Transactions at ASA Gold and Precious Metals

In related news, major shareholder Saba Capital Management, L.P. purchased 50,560 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was purchased at an average price of $71.50 per share, with a total value of $3,615,040.00. Following the completion of the transaction, the insider owned 5,903,701 shares of the company’s stock, valued at approximately $422,114,621.50. This trade represents a 0.86% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have purchased 544,568 shares of company stock valued at $37,416,824 in the last ninety days. 1.69% of the stock is currently owned by insiders.

Institutional Trading of ASA Gold and Precious Metals

A number of institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. acquired a new position in ASA Gold and Precious Metals in the second quarter valued at $61,000. Steward Partners Investment Advisory LLC raised its holdings in shares of ASA Gold and Precious Metals by 143.4% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 7,252 shares of the investment management company’s stock worth $229,000 after purchasing an additional 4,272 shares during the period. Laurel Wealth Advisors LLC increased its position in ASA Gold and Precious Metals by 3,057.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 31,570 shares of the investment management company’s stock worth $1,000,000 after purchasing an additional 30,570 shares in the last quarter. Walleye Capital LLC raised its holdings in ASA Gold and Precious Metals by 1.4% in the second quarter. Walleye Capital LLC now owns 24,871 shares of the investment management company’s stock valued at $785,000 after buying an additional 341 shares during the period. Finally, Dymon Asia Capital Singapore PTE. LTD. purchased a new position in ASA Gold and Precious Metals in the second quarter valued at approximately $370,000.

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.