DB Gold Double Long ETN (NYSEARCA:DGP) Trading Down 1.4% – Here’s What Happened

Shares of DB Gold Double Long ETN (NYSEARCA:DGP) dropped 1.4% during mid-day trading on Monday . The stock traded as low as $141.61 and last traded at $142.75. Approximately 217,352 shares traded hands during trading, an increase of 37% from the average daily volume of 158,918 shares. The stock had previously closed at $144.77.

DB Gold Double Long ETN Stock Performance

The firm’s 50 day moving average is $170.24 and its 200 day moving average is $183.98.

Hedge Funds Weigh In On DB Gold Double Long ETN

An institutional investor recently bought a new stake in DB Gold Double Long ETN stock. Redwood Investment Management LLC bought a new position in shares of DB Gold Double Long ETN (NYSEARCA:DGP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,000 shares of the company’s stock, valued at approximately $201,000. Redwood Investment Management LLC owned approximately 0.13% of DB Gold Double Long ETN as of its most recent SEC filing.

DB Gold Double Long ETN Company Profile

The DB Gold Double Long Exchange Traded Notes (DGP) is an exchange-traded fund that mostly invests in gold commodities. The fund provides 2x the daily performance of futures contracts relating to gold. The notes index selects contracts based on the shape of the futures curve to minimize contango. DGP was launched on Feb 27, 2008 and is issued by DB.