Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Short Interest Down 45.5% in June

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the recipient of a large drop in short interest in June. As of June 30th, there was short interest totaling 16,277 shares, a drop of 45.5% from the June 15th total of 29,870 shares. Based on an average daily volume of 68,397 shares, the short-interest ratio is currently 0.2 days. Approximately 1.3% of the shares of the stock are short sold.

Direxion Daily Magnificent 7 Bull 2X Shares Stock Performance

Direxion Daily Magnificent 7 Bull 2X Shares stock traded down $1.51 on Thursday, reaching $57.18. The company’s stock had a trading volume of 67,818 shares, compared to its average volume of 79,608. The company has a market cap of $74.33 million, a price-to-earnings ratio of 34.65 and a beta of 3.09. The business’s fifty day moving average price is $56.17 and its 200 day moving average price is $52.80. Direxion Daily Magnificent 7 Bull 2X Shares has a twelve month low of $38.42 and a twelve month high of $66.97.

Institutional Investors Weigh In On Direxion Daily Magnificent 7 Bull 2X Shares

Hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. increased its position in Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock valued at $60,000 after acquiring an additional 621 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the fourth quarter worth approximately $55,000. HRT Financial LP bought a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the fourth quarter valued at approximately $362,000. CPR Investments Inc. bought a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the first quarter valued at approximately $294,000. Finally, Susquehanna International Group LLP acquired a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the third quarter valued at approximately $978,000.

About Direxion Daily Magnificent 7 Bull 2X Shares

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.