iShares Silver Trust (NYSEARCA:SLV) Shares Gap Down – Here’s Why

iShares Silver Trust (NYSEARCA:SLV)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $105.57, but opened at $89.33. iShares Silver Trust shares last traded at $89.5250, with a volume of 60,289,598 shares changing hands.

iShares Silver Trust Stock Performance

The stock has a market cap of $48.16 billion, a P/E ratio of -8.51 and a beta of 0.38. The firm’s 50 day moving average is $67.69 and its 200 day moving average is $49.42.

Institutional Trading of iShares Silver Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Center for Financial Planning Inc. purchased a new position in iShares Silver Trust during the 2nd quarter worth $25,000. Addison Advisors LLC purchased a new stake in iShares Silver Trust in the second quarter valued at about $31,000. Nexus Investment Management ULC raised its stake in iShares Silver Trust by 50.0% in the third quarter. Nexus Investment Management ULC now owns 750 shares of the exchange traded fund’s stock valued at $32,000 after buying an additional 250 shares during the last quarter. Raleigh Capital Management Inc. acquired a new stake in iShares Silver Trust in the third quarter worth about $32,000. Finally, Rialto Wealth Management LLC purchased a new stake in shares of iShares Silver Trust during the fourth quarter worth about $33,000.

iShares Silver Trust Company Profile

iShares Silver Trust (the Trust) owns silver transferred to the Trust in exchange for shares issued by the Trust. The Trust’s each share represents a fractional undivided beneficial interest in its net assets. The assets of the Trust consist of silver held by the Trust’s custodian on behalf of the Trust. The activities of the Trust are limited to issuing baskets of shares in exchange for the silver deposited with the custodian as consideration, selling silver as necessary to cover the sponsor’s fee, Trust expenses not assumed by the sponsor and other liabilities, and delivering silver in exchange for baskets of shares surrendered for redemption.