Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Sees Significant Drop in Short Interest

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) was the target of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 327,116 shares, a drop of 17.6% from the February 26th total of 397,061 shares. Approximately 5.9% of the company’s shares are sold short. Based on an average trading volume of 853,595 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Qube Research & Technologies Ltd bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter valued at about $990,000. Raymond James Financial Inc. bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at about $71,000. Tower Research Capital LLC TRC grew its position in Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 878 shares of the exchange traded fund’s stock worth $65,000 after purchasing an additional 725 shares during the last quarter. Client First Investment Management LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the third quarter valued at approximately $7,719,000. Finally, Brookstone Capital Management purchased a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 3rd quarter valued at about $526,000.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Performance

NUGT traded up $5.62 during trading on Monday, hitting $169.97. 338,098 shares of the stock were exchanged, compared to its average volume of 822,069. The firm has a 50 day simple moving average of $238.58 and a 200 day simple moving average of $190.29. The firm has a market cap of $943.33 million, a price-to-earnings ratio of 22.41 and a beta of 1.08. Direxion Daily Gold Miners Index Bull 2x Shares has a 1 year low of $47.11 and a 1 year high of $320.79.

About Direxion Daily Gold Miners Index Bull 2x Shares

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.