Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading Down 10.5% – Should You Sell?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) fell 10.5% during trading on Monday . The company traded as low as $42.05 and last traded at $42.11. 1,159,695 shares were traded during trading, a decline of 48% from the average session volume of 2,221,534 shares. The stock had previously closed at $47.03.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The company’s 50-day moving average price is $49.94 and its two-hundred day moving average price is $45.09. The company has a market capitalization of $569.59 million, a P/E ratio of 19.80 and a beta of 1.57.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

Institutional investors and hedge funds have recently made changes to their positions in the company. Quadrature Capital Ltd acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 1st quarter valued at $856,000. Fore Capital LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at $1,691,000. Headlands Technologies LLC bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter valued at $195,000. Harbour Investments Inc. grew its stake in Direxion Daily Gold Miners Index Bull 2x Shares by 27.5% during the second quarter. Harbour Investments Inc. now owns 7,462 shares of the exchange traded fund’s stock worth $280,000 after buying an additional 1,608 shares in the last quarter. Finally, IMC Chicago LLC increased its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 84.4% in the 3rd quarter. IMC Chicago LLC now owns 42,810 shares of the exchange traded fund’s stock valued at $2,126,000 after buying an additional 19,599 shares during the period.

Direxion Daily Gold Miners Index Bull 2x Shares Company Profile

The Direxion Daily Gold Miners Index Bull 2X Shares (NUGT) is an exchange-traded fund that is based on the NYSE Arca Gold Miners (NTR) index. The fund provides 2x leveraged exposure to a market-cap-weighted index of global gold and silver mining firms. NUGT was launched on Dec 8, 2010 and is managed by Direxion.