Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading 8.9% Higher – Time to Buy?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) were up 8.9% during trading on Monday . The stock traded as high as $159.65 and last traded at $158.51. Approximately 721,656 shares changed hands during trading, a decline of 12% from the average daily volume of 819,660 shares. The stock had previously closed at $145.54.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Up 6.1%

The company has a market capitalization of $857.42 million, a price-to-earnings ratio of 22.41 and a beta of 1.08. The company’s 50 day simple moving average is $245.86 and its two-hundred day simple moving average is $188.85.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% in the second quarter. Tower Research Capital LLC TRC now owns 878 shares of the exchange traded fund’s stock valued at $65,000 after purchasing an additional 725 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter worth about $71,000. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 27.3% during 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 purchasing an additional 220 shares during the period. Caitlin John LLC purchased a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the third quarter valued at approximately $164,000. Finally, StoneX Group Inc. purchased a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the fourth quarter valued at approximately $264,000.

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.