Direxion Daily Energy Bull 2X ETF (NYSEARCA:ERX) Stock Price Down 4.2% – Time to Sell?

Shares of Direxion Daily Energy Bull 2X ETF (NYSEARCA:ERX) dropped 4.2% on Tuesday. The company traded as low as $121.85 and last traded at $122.43. Approximately 455,002 shares traded hands during mid-day trading, an increase of 15% from the average daily volume of 394,990 shares. The stock had previously closed at $127.80.

Direxion Daily Energy Bull 2X ETF Stock Performance

The company has a 50 day moving average of $110.57 and a 200 day moving average of $92.21. The stock has a market capitalization of $288.93 million, a price-to-earnings ratio of 14.85 and a beta of 0.95.

Institutional Trading of Direxion Daily Energy Bull 2X ETF

A number of hedge funds and other institutional investors have recently bought and sold shares of ERX. Squarepoint Ops LLC acquired a new position in Direxion Daily Energy Bull 2X ETF in the second quarter valued at $1,579,000. Renaissance Technologies LLC increased its holdings in shares of Direxion Daily Energy Bull 2X ETF by 125.0% in the first quarter. Renaissance Technologies LLC now owns 9,900 shares of the company’s stock valued at $1,020,000 after purchasing an additional 5,500 shares during the period. Root Financial Partners LLC acquired a new position in Direxion Daily Energy Bull 2X ETF in the 3rd quarter valued at $41,000. Toth Financial Advisory Corp purchased a new position in Direxion Daily Energy Bull 2X ETF during the third quarter worth about $105,000. Finally, IMC Chicago LLC purchased a new position in shares of Direxion Daily Energy Bull 2X ETF during the 1st quarter worth approximately $513,000.

About Direxion Daily Energy Bull 2X ETF

The Direxion Daily Energy Bull 2X Shares (ERX) is an exchange-traded fund that is based on the Energy Select Sector index. The fund provides 2x leveraged exposure to a market-cap-weighted index of US large-cap companies in the energy industry. ERX was launched on Nov 6, 2008 and is managed by Direxion.