Special Opportunities Fund, Inc. (NYSE:SPE) Sees Significant Decline in Short Interest

Special Opportunities Fund, Inc. (NYSE:SPE) was the target of a large drop in short interest in May. As of May 29th, there was short interest totaling 12,762 shares, a drop of 50.5% from the May 14th total of 25,796 shares. Based on an average trading volume of 30,320 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company’s stock are short sold.

Special Opportunities Fund Price Performance

NYSE SPE traded up $0.10 during trading hours on Monday, hitting $13.71. The company’s stock had a trading volume of 35,868 shares, compared to its average volume of 34,876. Special Opportunities Fund has a 52 week low of $13.43 and a 52 week high of $15.98. The company’s 50-day simple moving average is $14.09 and its two-hundred day simple moving average is $14.55.

Special Opportunities Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a $0.1087 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a c) annualized dividend and a yield of 9.5%.

Hedge Funds Weigh In On Special Opportunities Fund

Large investors have recently added to or reduced their stakes in the business. MAI Capital Management lifted its position in Special Opportunities Fund by 38.6% in the 3rd quarter. MAI Capital Management now owns 5,203 shares of the closed-end fund’s stock valued at $81,000 after acquiring an additional 1,450 shares in the last quarter. Detalus Advisors LLC bought a new position in shares of Special Opportunities Fund during the 1st quarter worth approximately $144,000. TrueMark Investments LLC lifted its position in shares of Special Opportunities Fund by 8.7% during the 1st quarter. TrueMark Investments LLC now owns 16,208 shares of the closed-end fund’s stock worth $223,000 after buying an additional 1,293 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Special Opportunities Fund by 21.8% during the 4th quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock worth $290,000 after buying an additional 3,539 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of Special Opportunities Fund by 19.5% during the 2nd quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock worth $362,000 after buying an additional 3,811 shares in the last quarter. Institutional investors own 35.60% of the company’s stock.

About Special Opportunities Fund

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.