The Gabelli Equity Trust Inc. (NYSE:GAB) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 287,800 shares, a growth of 328.9% from the August 15th total of 67,100 shares. Based on an average daily volume of 734,800 shares, the short-interest ratio is currently 0.4 days.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC bought a new position in shares of The Gabelli Equity Trust during the second quarter worth about $112,000. Credit Suisse AG acquired a new stake in The Gabelli Equity Trust during the 2nd quarter worth approximately $83,000. Bickling Financial Services Inc. acquired a new stake in The Gabelli Equity Trust during the 2nd quarter worth approximately $70,000. Capital Directions Investment Advisors LLC acquired a new stake in The Gabelli Equity Trust during the 2nd quarter worth approximately $58,000. Finally, Sigma Planning Corp lifted its holdings in The Gabelli Equity Trust by 100.5% during the 2nd quarter. Sigma Planning Corp now owns 24,450 shares of the financial services provider’s stock worth $169,000 after purchasing an additional 12,253 shares during the last quarter. 6.06% of the stock is currently owned by institutional investors.
The Gabelli Equity Trust stock opened at $6.89 on Wednesday. The business’s 50-day simple moving average is $6.80 and its 200 day simple moving average is $6.95. The Gabelli Equity Trust has a 12-month low of $5.00 and a 12-month high of $7.57.
About The Gabelli Equity Trust
The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.
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