iShares Gold Trust (NYSEARCA:IAU) Sees Strong Trading Volume – What’s Next?

iShares Gold Trust (NYSEARCA:IAU) saw strong trading volume on Wednesday . 5,701,696 shares changed hands during mid-day trading, a decline of 7% from the previous session’s volume of 6,142,379 shares.The stock last traded at $61.80 and had previously closed at $63.66.

iShares Gold Trust Stock Up 1.5 %

The stock has a fifty day moving average of $57.63 and a two-hundred day moving average of $53.23. The stock has a market cap of $46.31 billion, a price-to-earnings ratio of -37.96 and a beta of 0.17.

Hedge Funds Weigh In On iShares Gold Trust

A number of large investors have recently made changes to their positions in the stock. Proficio Capital Partners LLC boosted its position in shares of iShares Gold Trust by 2,943.8% in the 4th quarter. Proficio Capital Partners LLC now owns 65,535,203 shares of the exchange traded fund’s stock worth $3,244,648,000 after buying an additional 63,382,112 shares in the last quarter. Envestnet Asset Management Inc. raised its position in iShares Gold Trust by 200.7% during the fourth quarter. Envestnet Asset Management Inc. now owns 10,778,652 shares of the exchange traded fund’s stock worth $533,651,000 after acquiring an additional 7,194,721 shares during the last quarter. LPL Financial LLC lifted its holdings in shares of iShares Gold Trust by 35.4% in the fourth quarter. LPL Financial LLC now owns 8,630,437 shares of the exchange traded fund’s stock valued at $427,293,000 after purchasing an additional 2,257,590 shares in the last quarter. Truist Financial Corp grew its position in shares of iShares Gold Trust by 56.8% in the fourth quarter. Truist Financial Corp now owns 4,160,293 shares of the exchange traded fund’s stock valued at $205,976,000 after purchasing an additional 1,507,442 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of iShares Gold Trust by 10.7% during the 4th quarter. Wells Fargo & Company MN now owns 12,288,826 shares of the exchange traded fund’s stock worth $608,420,000 after purchasing an additional 1,183,962 shares in the last quarter. Hedge funds and other institutional investors own 59.67% of the company’s stock.

iShares Gold Trust Company Profile

iShares Gold Trust (the Trust) is to own gold transferred to the Trust in exchange for shares issued by the Trust (Shares). Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist of gold held by the Trust’s custodian on behalf of the Trust.