Provident Wealth Management LLC Trims Position in SPDR Gold Shares (NYSEARCA:GLD)

Provident Wealth Management LLC lessened its stake in shares of SPDR Gold Shares (NYSEARCA:GLD) by 8.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,935 shares of the exchange traded fund’s stock after selling 174 shares during the quarter. Provident Wealth Management LLC’s holdings in SPDR Gold Shares were worth $558,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC grew its holdings in shares of SPDR Gold Shares by 24,245.2% during the fourth quarter. Proficio Capital Partners LLC now owns 60,753,703 shares of the exchange traded fund’s stock worth $14,710,294,000 after purchasing an additional 60,504,152 shares in the last quarter. Raymond James Financial Inc. bought a new stake in SPDR Gold Shares in the 4th quarter worth approximately $450,109,000. Leigh Baldwin & CO. LLC bought a new stake in SPDR Gold Shares in the 4th quarter worth approximately $401,829,000. Wealthfront Advisers LLC lifted its position in SPDR Gold Shares by 1,374.2% in the 4th quarter. Wealthfront Advisers LLC now owns 1,121,579 shares of the exchange traded fund’s stock worth $271,568,000 after buying an additional 1,045,499 shares during the last quarter. Finally, Mizuho Bank Ltd. bought a new stake in SPDR Gold Shares in the 4th quarter worth approximately $145,278,000. Hedge funds and other institutional investors own 42.19% of the company’s stock.

SPDR Gold Shares Price Performance

NYSEARCA:GLD opened at $310.26 on Friday. The business has a 50 day moving average of $305.69 and a 200 day moving average of $276.52. The company has a market capitalization of $101.46 billion, a price-to-earnings ratio of -32.43 and a beta of 0.11. SPDR Gold Shares has a 1-year low of $212.12 and a 1-year high of $317.63.

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).