Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU) Shares Down 7.5% – Time to Sell?

Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU) shares were down 7.5% on Wednesday. The stock traded as low as $13.42 and last traded at $13.6170. 17,469,158 shares were traded during trading, a decline of 17% from the average daily volume of 21,154,906 shares. The stock had previously closed at $14.72.

Direxion Daily MSCI South Korea Bull 3X ETF Price Performance

The company has a market cap of $899.25 million, a P/E ratio of 9.42 and a beta of 4.59. The stock’s 50-day moving average is $20.29 and its two-hundred day moving average is $27.42.

Institutional Investors Weigh In On Direxion Daily MSCI South Korea Bull 3X ETF

A number of hedge funds have recently added to or reduced their stakes in KORU. Hoey Investments Inc. purchased a new stake in Direxion Daily MSCI South Korea Bull 3X ETF during the first quarter valued at $43,000. Farther Finance Advisors LLC lifted its holdings in Direxion Daily MSCI South Korea Bull 3X ETF by 1,900.0% in the third quarter. Farther Finance Advisors LLC now owns 1,520 shares of the company’s stock valued at $30,000 after acquiring an additional 1,444 shares during the period. Finally, NWI Management LP purchased a new position in Direxion Daily MSCI South Korea Bull 3X ETF in the first quarter worth about $3,566,000.

Direxion Daily MSCI South Korea Bull 3X ETF Company Profile

The Direxion Daily South Korea Bull 3X Shares (KORU) is an exchange-traded fund that is based on the MSCI Korea 25-50 index. The fund provides 300% daily leveraged exposure to a market-cap-weighted index of large- and mid-cap South Korean companies. KORU was launched on Apr 11, 2013 and is managed by Direxion.