Short Interest in Special Opportunities Fund, Inc. (NYSE:SPE) Expands By 34.8%

Special Opportunities Fund, Inc. (NYSE:SPE) was the recipient of a large growth in short interest during the month of January. As of January 15th, there was short interest totaling 33,106 shares, a growth of 34.8% from the December 31st total of 24,554 shares. Based on an average trading volume of 42,341 shares, the days-to-cover ratio is presently 0.8 days. Currently, 0.3% of the company’s stock are sold short. Currently, 0.3% of the company’s stock are sold short. Based on an average trading volume of 42,341 shares, the days-to-cover ratio is presently 0.8 days.

Insiders Place Their Bets

In other news, President Andrew Dakos sold 4,098 shares of the business’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $14.66, for a total value of $60,076.68. Following the completion of the sale, the president owned 6,064 shares of the company’s stock, valued at approximately $88,898.24. The trade was a 40.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Special Opportunities Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its holdings in shares of Special Opportunities Fund by 8.1% in the second quarter. Envestnet Asset Management Inc. now owns 26,167 shares of the closed-end fund’s stock valued at $405,000 after buying an additional 1,970 shares during the period. Shaker Financial Services LLC lifted its position in shares of Special Opportunities Fund by 246.0% in the second quarter. Shaker Financial Services LLC now owns 266,728 shares of the closed-end fund’s stock worth $4,132,000 after purchasing an additional 189,630 shares in the last quarter. Cetera Investment Advisers boosted its stake 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 valued at $362,000 after buying an additional 3,811 shares during the period. Advisors Asset Management Inc. grew its stake in Special Opportunities Fund by 2.0% in the second quarter. Advisors Asset Management Inc. now owns 114,199 shares of the closed-end fund’s stock valued at $1,769,000 after purchasing an additional 2,294 shares in the last quarter. Finally, Scotia Capital Inc. raised its position in Special Opportunities Fund by 6.6% during the second quarter. Scotia Capital Inc. now owns 105,746 shares of the closed-end fund’s stock valued at $1,638,000 after acquiring an additional 6,531 shares in the last quarter. 35.60% of the stock is currently owned by institutional investors.

Special Opportunities Fund Stock Performance

Shares of SPE stock traded down $0.07 during trading hours on Friday, hitting $14.91. 28,859 shares of the company were exchanged, compared to its average volume of 42,219. Special Opportunities Fund has a one year low of $12.72 and a one year high of $15.98. The business’s 50-day simple moving average is $15.10 and its two-hundred day simple moving average is $15.33.

Special Opportunities Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.1087 per share. The ex-dividend date is Tuesday, March 17th. This represents a c) dividend on an annualized basis and a yield of 8.8%.

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.