SPDR Gold Shares (NYSEARCA:GLD) Sets New 1-Year High – Here’s Why

SPDR Gold Shares (NYSEARCA:GLD)’s share price reached a new 52-week high on Monday . The company traded as high as $342.64 and last traded at $342.62, with a volume of 365031 shares. The stock had previously closed at $339.18.

SPDR Gold Shares Stock Performance

The firm has a market capitalization of $115.51 billion, a PE ratio of -32.43 and a beta of 0.15. The company’s 50 day simple moving average is $317.99 and its 200-day simple moving average is $305.41.

Institutional Investors Weigh In On SPDR Gold Shares

Several institutional investors have recently added to or reduced their stakes in the company. Caldwell Trust Co bought a new stake in shares of SPDR Gold Shares during the 2nd quarter valued at about $614,000. Watts Gwilliam & Co. LLC bought a new position in shares of SPDR Gold Shares in the second quarter worth approximately $270,000. Canal Capital Management LLC boosted its position in shares of SPDR Gold Shares by 74.0% during the second quarter. Canal Capital Management LLC now owns 5,105 shares of the exchange traded fund’s stock valued at $1,556,000 after buying an additional 2,171 shares during the last quarter. Valeo Financial Advisors LLC grew its position in SPDR Gold Shares by 23.3% in the 2nd quarter. Valeo Financial Advisors LLC now owns 12,640 shares of the exchange traded fund’s stock worth $3,853,000 after purchasing an additional 2,387 shares during the period. Finally, Milestones Private Investment Advisors LLC bought a new position in shares of SPDR Gold Shares in the 2nd quarter worth approximately $1,316,000. Hedge funds and other institutional investors own 42.19% of the company’s stock.

SPDR Gold Shares Company Profile

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).