Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Stock Price Down 7.4% – Should You Sell?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) shares dropped 7.4% during mid-day trading on Tuesday . The stock traded as low as $200.55 and last traded at $202.00. Approximately 243,706 shares changed hands during trading, a decline of 68% from the average daily volume of 769,040 shares. The stock had previously closed at $218.25.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 22.41 and a beta of 1.39. The company’s fifty day moving average price is $221.02 and its 200-day moving average price is $197.97.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC increased its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 878 shares of the exchange traded fund’s stock worth $65,000 after buying an additional 725 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at $71,000. Caitlin John LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the third quarter worth $164,000. Federation des caisses Desjardins du Quebec increased its stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 27.3% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,025 shares of the exchange traded fund’s stock worth $189,000 after acquiring an additional 220 shares during the period. Finally, PFG Investments LLC purchased a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter worth $232,000.

Direxion Daily Gold Miners Index Bull 2x Shares Company Profile

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.