SPDR Gold Shares (NYSEARCA:GLD) Reaches New 1-Year High – Still a Buy?

SPDR Gold Shares (NYSEARCA:GLD) hit a new 52-week high on Wednesday . The company traded as high as $262.54 and last traded at $262.50, with a volume of 9703527 shares. The stock had previously closed at $259.94.

SPDR Gold Shares Stock Up 1.0 %

The firm has a fifty day moving average price of $246.73 and a 200-day moving average price of $241.04.

Institutional Investors Weigh In On SPDR Gold Shares

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC grew its position in shares of SPDR Gold Shares by 21,571.1% during the 3rd quarter. International Assets Investment Management LLC now owns 3,024,639 shares of the exchange traded fund’s stock valued at $735,169,000 after acquiring an additional 3,010,682 shares during the period. Strategic Financial Concepts LLC grew its holdings in SPDR Gold Shares by 24,600.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 608,876 shares of the exchange traded fund’s stock valued at $147,427,000 after purchasing an additional 606,411 shares during the period. Diversify Advisory Services LLC increased its position in SPDR Gold Shares by 446.0% in the fourth quarter. Diversify Advisory Services LLC now owns 239,355 shares of the exchange traded fund’s stock worth $59,410,000 after buying an additional 195,520 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of SPDR Gold Shares by 47.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 454,153 shares of the exchange traded fund’s stock valued at $110,386,000 after buying an additional 146,271 shares during the period. Finally, Banco Santander S.A. lifted its position in shares of SPDR Gold Shares by 245.1% during the 3rd quarter. Banco Santander S.A. now owns 160,721 shares of the exchange traded fund’s stock valued at $39,065,000 after buying an additional 114,151 shares during the last quarter. 42.19% of the stock is currently owned by institutional investors.

About SPDR Gold Shares

SPDR Gold Trust (the Trust) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust’s business activity is the investment of gold. The Trust creates and redeems Shares from time to time, but in one or more Baskets (a Basket equals a block of 100,000 Shares).