SPDR Gold Shares (NYSEARCA:GLD) Reaches New 52-Week High – Should You Buy?

SPDR Gold Shares (NYSEARCA:GLD) hit a new 52-week high during trading on Wednesday . The company traded as high as $280.22 and last traded at $279.96, with a volume of 9405666 shares trading hands. The stock had previously closed at $276.73.

SPDR Gold Shares Trading Down 0.1 %

The company has a market capitalization of $84.39 billion, a price-to-earnings ratio of -29.30 and a beta of 0.20. The firm has a 50-day simple moving average of $263.87 and a two-hundred day simple moving average of $250.73.

Institutional Investors Weigh In On SPDR Gold Shares

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLD. CIBC Asset Management Inc lifted its position in SPDR Gold Shares by 39.8% in the third quarter. CIBC Asset Management Inc now owns 3,986 shares of the exchange traded fund’s stock worth $969,000 after purchasing an additional 1,134 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of SPDR Gold Shares by 6.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 81,301 shares of the exchange traded fund’s stock valued at $19,762,000 after purchasing an additional 5,111 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in SPDR Gold Shares by 3.0% during the 3rd quarter. Pathstone Holdings LLC now owns 47,859 shares of the exchange traded fund’s stock valued at $11,633,000 after purchasing an additional 1,399 shares during the last quarter. Commerce Bank increased its stake in shares of SPDR Gold Shares by 0.6% in the third quarter. Commerce Bank now owns 80,322 shares of the exchange traded fund’s stock valued at $19,523,000 after buying an additional 516 shares in the last quarter. Finally, Howe & Rusling Inc. lifted its position in SPDR Gold Shares by 4.5% during the 3rd quarter. Howe & Rusling Inc. now owns 1,623 shares of the exchange traded fund’s stock worth $394,000 after buying an additional 70 shares in the last quarter. 42.19% of the stock is currently owned by institutional investors and hedge funds.

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).