Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Hits New 52-Week High – Still a Buy?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) shares reached a new 52-week high on Monday . The company traded as high as $306.40 and last traded at $309.9430, with a volume of 171965 shares. The stock had previously closed at $282.24.

Direxion Daily Gold Miners Index Bull 2x Shares Trading Up 5.1%

The stock has a market cap of $1.69 billion, a P/E ratio of 22.41 and a beta of 1.08. The company’s fifty day simple moving average is $197.68 and its 200-day simple moving average is $147.16.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. IMC Chicago LLC acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter valued at approximately $10,013,000. Client First Investment Management LLC bought a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 3rd quarter worth approximately $7,719,000. Simplex Trading LLC acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at $1,004,000. Qube Research & Technologies Ltd bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter valued at $990,000. Finally, UBS Group AG raised its stake in Direxion Daily Gold Miners Index Bull 2x Shares by 873.8% during the third quarter. UBS Group AG now owns 9,738 shares of the exchange traded fund’s stock worth $1,504,000 after acquiring an additional 8,738 shares in the last quarter.

About Direxion Daily Gold Miners Index Bull 2x Shares

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.