Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading Down 5.7% – Time to Sell?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) shares were down 5.7% on Wednesday . The company traded as low as $226.30 and last traded at $232.00. Approximately 223,999 shares were traded during trading, a decline of 72% from the average daily volume of 805,659 shares. The stock had previously closed at $246.11.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Down 4.6%

The stock has a market cap of $1.30 billion, a P/E ratio of 22.41 and a beta of 1.08. The company’s 50 day moving average price is $246.57 and its 200-day moving average price is $183.86.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

A number of hedge funds have recently made changes to their positions in NUGT. IMC Chicago LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter worth $10,013,000. Client First Investment Management LLC bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter valued at $7,719,000. Virtu Financial LLC boosted its position in Direxion Daily Gold Miners Index Bull 2x Shares by 548.5% during the fourth quarter. Virtu Financial LLC now owns 35,648 shares of the exchange traded fund’s stock valued at $6,554,000 after acquiring an additional 30,151 shares during the last quarter. HRT Financial LP grew its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 379.8% during the 4th quarter. HRT Financial LP now owns 34,629 shares of the exchange traded fund’s stock worth $6,366,000 after acquiring an additional 27,411 shares during the period. Finally, Qube Research & Technologies Ltd bought a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter worth about $990,000.

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.