Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU) Stock Breaks Above Two Hundred Day Moving Average – Here’s Why

Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU)’s share price crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $54.89 and traded as high as $57.45. Direxion Daily Magnificent 7 Bull 2X ETF shares last traded at $56.92, with a volume of 78,245 shares.

Direxion Daily Magnificent 7 Bull 2X ETF Trading Up 0.9%

The company has a market cap of $67.73 million, a PE ratio of 34.65 and a beta of 3.06. The business has a 50 day simple moving average of $60.72 and a two-hundred day simple moving average of $54.90.

Hedge Funds Weigh In On Direxion Daily Magnificent 7 Bull 2X ETF

A hedge fund recently bought a new stake in Direxion Daily Magnificent 7 Bull 2X ETF stock. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 441 shares of the company’s stock, valued at approximately $27,000.

Direxion Daily Magnificent 7 Bull 2X ETF Company Profile

The Direxion Daily Concentrated Qs Bull 2X Shares (QQQU) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks 2x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQU was launched on Mar 7, 2024 and is issued by Direxion.