Short Interest in Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Decreases By 35.1%

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the recipient of a large decline in short interest during the month of May. As of May 29th, there was short interest totaling 24,054 shares, a decline of 35.1% from the May 14th total of 37,059 shares. Based on an average daily volume of 58,166 shares, the days-to-cover ratio is currently 0.4 days. Currently, 1.3% of the shares of the stock are short sold.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. raised its stake in Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock valued at $60,000 after purchasing an additional 621 shares during the last quarter. Bank of America Corp DE acquired a new position in Direxion Daily Magnificent 7 Bull 2X Shares in the 4th quarter valued at about $55,000. HRT Financial LP acquired a new position in Direxion Daily Magnificent 7 Bull 2X Shares in the 4th quarter valued at about $362,000. CPR Investments Inc. acquired a new position in Direxion Daily Magnificent 7 Bull 2X Shares in the 1st quarter valued at about $294,000. Finally, Susquehanna International Group LLP acquired a new position in Direxion Daily Magnificent 7 Bull 2X Shares in the 3rd quarter valued at about $978,000.

Direxion Daily Magnificent 7 Bull 2X Shares Stock Performance

QQQU stock traded down $1.72 during trading on Wednesday, hitting $53.21. The stock had a trading volume of 16,366 shares, compared to its average volume of 81,576. The company’s 50 day moving average price is $56.09 and its two-hundred day moving average price is $53.72. Direxion Daily Magnificent 7 Bull 2X Shares has a 1-year low of $38.42 and a 1-year high of $66.97. The stock has a market cap of $98.44 million, a price-to-earnings ratio of 34.65 and a beta of 2.98.

About Direxion Daily Magnificent 7 Bull 2X Shares

The Direxion Daily Concentrated Qs Bull 2X Shares (QQQU) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks 2x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQU was launched on Mar 7, 2024 and is issued by Direxion.