Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU) Shares Gap Up – Still a Buy?

Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $7.21, but opened at $8.30. Direxion Daily MSCI South Korea Bull 3X ETF shares last traded at $8.4640, with a volume of 18,048,622 shares changing hands.

Direxion Daily MSCI South Korea Bull 3X ETF Stock Performance

The company’s fifty day simple moving average is $16.11 and its two-hundred day simple moving average is $24.01. The stock has a market capitalization of $1.04 billion, a P/E ratio of 9.42 and a beta of 4.85.

Hedge Funds Weigh In On Direxion Daily MSCI South Korea Bull 3X ETF

Several institutional investors and hedge funds have recently made changes to their positions in the company. Capstone Capital Management Ltd acquired a new stake in Direxion Daily MSCI South Korea Bull 3X ETF during the 3rd quarter worth approximately $2,579,000. Millennium Capital Advisors LLC acquired a new position in Direxion Daily MSCI South Korea Bull 3X ETF in the 3rd quarter valued at $220,000. Parallel Advisors LLC acquired a new position in Direxion Daily MSCI South Korea Bull 3X ETF in the 3rd quarter valued at $36,000. NWI Management LP acquired a new position in Direxion Daily MSCI South Korea Bull 3X ETF in the 1st quarter valued at $3,566,000. Finally, Hoey Investments Inc. grew its holdings in Direxion Daily MSCI South Korea Bull 3X ETF by 2,271.4% in the 3rd quarter. Hoey Investments Inc. now owns 4,150 shares of the company’s stock valued at $83,000 after buying an additional 3,975 shares in the last quarter.

About Direxion Daily MSCI South Korea Bull 3X ETF

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.