Direxion Daily Gold Miners Index Bull 2x ETF (NYSEARCA:NUGT) Stock Falls 8.4% – Time to Sell?

Direxion Daily Gold Miners Index Bull 2x ETF (NYSEARCA:NUGT)’s stock price traded down 8.4% during trading on Monday. The stock traded as low as $146.17 and last traded at $151.89. Approximately 297,067 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 700,586 shares. The stock had previously closed at $165.74.

Direxion Daily Gold Miners Index Bull 2x ETF Stock Down 9.7%

The business’s 50 day simple moving average is $163.36 and its two-hundred day simple moving average is $164.27. The stock has a market cap of $1.00 billion, a P/E ratio of 22.41 and a beta of 1.37.

Institutional Investors Weigh In On Direxion Daily Gold Miners Index Bull 2x ETF

Several hedge funds have recently modified their holdings of NUGT. Virtu Financial LLC increased its holdings in Direxion Daily Gold Miners Index Bull 2x ETF by 548.5% in the 4th quarter. Virtu Financial LLC now owns 35,648 shares of the exchange traded fund’s stock worth $6,554,000 after purchasing an additional 30,151 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x ETF during the second quarter valued at about $1,282,000. Harbour Investments Inc. boosted its stake in shares of Direxion Daily Gold Miners Index Bull 2x ETF by 11.1% during the fourth quarter. Harbour Investments Inc. now owns 4,129 shares of the exchange traded fund’s stock valued at $759,000 after purchasing an additional 413 shares in the last quarter. Frazier Financial Advisors LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x ETF in the 1st quarter valued at approximately $753,000. Finally, Optiver Holding B.V. raised its stake in shares of Direxion Daily Gold Miners Index Bull 2x ETF by 72.3% during the first quarter. Optiver Holding B.V. now owns 3,052 shares of the exchange traded fund’s stock valued at $575,000 after acquiring an additional 1,281 shares during the last quarter.

About Direxion Daily Gold Miners Index Bull 2x ETF

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.