Direxion Daily MSCI South Korea Bull 3x Shares (NYSEARCA:KORU) Shares Gap Down – Here’s What Happened

Direxion Daily MSCI South Korea Bull 3x Shares (NYSEARCA:KORU)’s stock price gapped down prior to trading on Monday . The stock had previously closed at $557.00, but opened at $437.89. Direxion Daily MSCI South Korea Bull 3x Shares shares last traded at $434.00, with a volume of 784,688 shares trading hands.

Direxion Daily MSCI South Korea Bull 3x Shares Stock Down 19.4%

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 9.42 and a beta of 4.43. The company has a 50 day simple moving average of $822.69 and a 200 day simple moving average of $523.66.

Direxion Daily MSCI South Korea Bull 3x Shares shares are scheduled to split before the market opens on Wednesday, July 15th. The 20-1 split was announced on Wednesday, June 10th. The newly created shares will be payable to shareholders after the market closes on Tuesday, July 14th.

Institutional Investors Weigh In On Direxion Daily MSCI South Korea Bull 3x Shares

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hoey Investments Inc. bought a new position in Direxion Daily MSCI South Korea Bull 3x Shares in the first quarter valued at about $43,000. Farther Finance Advisors LLC acquired a new position in shares of Direxion Daily MSCI South Korea Bull 3x Shares in the fourth quarter valued at approximately $34,000. Tucker Asset Management LLC bought a new position in Direxion Daily MSCI South Korea Bull 3x Shares in the 4th quarter valued at approximately $47,000. Group One Trading LLC boosted its position in Direxion Daily MSCI South Korea Bull 3x Shares by 263.9% during the 2nd quarter. Group One Trading LLC now owns 2,558 shares of the company’s stock worth $207,000 after buying an additional 1,855 shares during the period. Finally, Sovereign Financial Group Inc. boosted its position in Direxion Daily MSCI South Korea Bull 3x Shares by 65.5% during the 4th quarter. Sovereign Financial Group Inc. now owns 4,068 shares of the company’s stock worth $739,000 after buying an additional 1,610 shares during the period.

About Direxion Daily MSCI South Korea Bull 3x Shares

The Direxion Daily South Korea Bull 3X Shares (KORU) is an exchange-traded fund that is based on the MSCI Korea 25-50 index. The fund provides 300% daily leveraged exposure to a market-cap-weighted index of large- and mid-cap South Korean companies. KORU was launched on Apr 11, 2013 and is managed by Direxion.