DB Gold Double Long ETN (NYSEARCA:DGP) Shares Down 8.5% – Here’s What Happened

DB Gold Double Long ETN (NYSEARCA:DGP)’s share price traded down 8.5% during trading on Tuesday . The stock traded as low as $213.05 and last traded at $219.68. 80,925 shares changed hands during mid-day trading, an increase of 4% from the average session volume of 77,503 shares. The stock had previously closed at $240.16.

DB Gold Double Long ETN Stock Performance

The firm has a 50-day moving average price of $200.04 and a two-hundred day moving average price of $159.92.

Institutional Investors Weigh In On DB Gold Double Long ETN

A hedge fund recently bought a new stake in DB Gold Double Long ETN stock. Redwood Investment Management LLC purchased a new stake in shares of DB Gold Double Long ETN (NYSEARCA:DGP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,000 shares of the company’s stock, valued at approximately $201,000. Redwood Investment Management LLC owned approximately 0.13% of DB Gold Double Long ETN as of its most recent filing with the Securities & Exchange Commission.

DB Gold Double Long ETN Company Profile

The DB Gold Double Long Exchange Traded Notes (DGP) is an exchange-traded fund that mostly invests in gold commodities. The fund provides 2x the daily performance of futures contracts relating to gold. The notes index selects contracts based on the shape of the futures curve to minimize contango. DGP was launched on Feb 27, 2008 and is issued by DB.