iShares Gold Trust (NYSEARCA:IAU) Hits New 12-Month High – Still a Buy?

iShares Gold Trust (NYSEARCA:IAU)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $55.63 and last traded at $55.65, with a volume of 3176450 shares traded. The stock had previously closed at $55.39.

iShares Gold Trust Trading Up 0.5 %

The firm has a 50-day moving average of $51.75 and a two-hundred day moving average of $50.20.

Hedge Funds Weigh In On iShares Gold Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. Proficio Capital Partners LLC grew its position in iShares Gold Trust by 2,943.8% in the fourth quarter. Proficio Capital Partners LLC now owns 65,535,203 shares of the exchange traded fund’s stock worth $3,244,648,000 after acquiring an additional 63,382,112 shares in the last quarter. Envestnet Asset Management Inc. increased 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 buying an additional 7,194,721 shares during the last quarter. LPL Financial LLC raised its holdings in iShares Gold Trust by 35.4% during 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 buying an additional 2,257,590 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in shares of iShares Gold Trust in the third quarter worth about $95,801,000. Finally, Truist Financial Corp boosted its stake in shares of iShares Gold Trust by 56.8% during the 4th quarter. Truist Financial Corp now owns 4,160,293 shares of the exchange traded fund’s stock worth $205,976,000 after acquiring an additional 1,507,442 shares in the last quarter. 59.67% of the stock is currently owned by hedge funds and other institutional investors.

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.