Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Shares Down 3.7% – Should You Sell?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT)’s share price dropped 3.7% during mid-day trading on Wednesday . The company traded as low as $45.52 and last traded at $45.77. Approximately 547,661 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 2,269,963 shares. The stock had previously closed at $47.55.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock has a fifty day moving average of $47.09 and a 200 day moving average of $42.61. The stock has a market cap of $676.39 million, a price-to-earnings ratio of 19.80 and a beta of 1.57.

Institutional Trading of Direxion Daily Gold Miners Index Bull 2x Shares

A number of hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the 4th quarter valued at about $49,000. 180 Wealth Advisors LLC increased its stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 12.5% during the first quarter. 180 Wealth Advisors LLC now owns 7,123 shares of the exchange traded fund’s stock worth $245,000 after buying an additional 792 shares during the period. Hollencrest Capital Management raised its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 50.0% in the 1st quarter. Hollencrest Capital Management now owns 900 shares of the exchange traded fund’s stock valued at $31,000 after purchasing an additional 300 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the first quarter valued at $856,000. Finally, B. Riley Wealth Advisors Inc. acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 1st quarter worth about $2,193,000.

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.