Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU) Shares Gap Up – Time to Buy?

Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU)’s stock price gapped up prior to trading on Wednesday. The stock had previously closed at $7.21, but opened at $8.30. Direxion Daily MSCI South Korea Bull 3X ETF shares last traded at $8.4640, with a volume of 18,048,622 shares traded.

Direxion Daily MSCI South Korea Bull 3X ETF Price Performance

The firm has a 50-day simple moving average of $16.57 and a 200-day simple moving average of $24.08. The firm has a market capitalization of $868.61 million, a PE ratio of 9.42 and a beta of 4.85.

Hedge Funds Weigh In On Direxion Daily MSCI South Korea Bull 3X ETF

A number of institutional investors and hedge funds have recently made changes to their positions in KORU. Composition Wealth LLC purchased a new stake in Direxion Daily MSCI South Korea Bull 3X ETF during the third quarter valued at approximately $245,000. Vestor Capital LLC bought a new position in Direxion Daily MSCI South Korea Bull 3X ETF in the 3rd quarter worth $136,000. StoneX Group Inc. purchased a new position in Direxion Daily MSCI South Korea Bull 3X ETF during the third quarter valued at $349,000. Parallel Advisors LLC purchased a new position in Direxion Daily MSCI South Korea Bull 3X ETF during the third quarter valued at $36,000. Finally, Hoey Investments Inc. lifted its position in Direxion Daily MSCI South Korea Bull 3X ETF by 2,271.4% during the third quarter. Hoey Investments Inc. now owns 4,150 shares of the company’s stock valued at $83,000 after purchasing an additional 3,975 shares in the last quarter.

About Direxion Daily MSCI South Korea Bull 3X ETF

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.