Gabelli Multimedia Trust (NYSE:GGT) Stock Crosses Above 200 Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $4.12 and traded as high as $4.35. Gabelli Multimedia Trust shares last traded at $4.3350, with a volume of 624,372 shares trading hands.

Gabelli Multimedia Trust Stock Performance

The business’s 50 day moving average price is $4.11 and its two-hundred day moving average price is $4.12.

Insider Buying and Selling at Gabelli Multimedia Trust

In related news, insider Mario J. Gabelli bought 25,000 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were purchased at an average price of $4.06 per share, with a total value of $101,500.00. Following the purchase, the insider owned 1,158,396 shares of the company’s stock, valued at approximately $4,703,087.76. This trade represents a 2.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 8.00% of the company’s stock.

Institutional Investors Weigh In On Gabelli Multimedia Trust

Large investors have recently modified their holdings of the stock. Arax Advisory Partners boosted its stake in shares of Gabelli Multimedia Trust by 90.0% during the 4th quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 2,914 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust during the second quarter worth about $27,000. Geneos Wealth Management Inc. bought a new stake in Gabelli Multimedia Trust during the third quarter worth about $30,000. Ameriprise Financial Inc. bought a new stake in Gabelli Multimedia Trust during the third quarter worth about $49,000. Finally, CoreCap Advisors LLC boosted its stake in Gabelli Multimedia Trust by 848.5% during the third quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 14,000 shares in the last quarter. Institutional investors own 10.63% of the company’s stock.

About Gabelli Multimedia Trust

Gabelli Multimedia Trust Inc (NYSE: GGT) is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in the common stocks of companies engaged in the multimedia and communications sectors. The trust’s portfolio is concentrated in industries such as cable and satellite television, wireless and wireline telecommunications, radio and broadcasting, print and digital publishing, and internet services. Through selective security selection, Gabelli Multimedia Trust aims to capture growth opportunities driven by evolving content delivery platforms and technological innovation.

Since its initial public offering in December 1987, the trust has been managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc, under the direction of veteran investors led by Mario J.