Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Sees Significant Drop in Short Interest

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totaling 16,277 shares, a drop of 45.5% from the June 15th total of 29,870 shares. Based on an average daily volume of 68,397 shares, the short-interest ratio is presently 0.2 days. Currently, 1.3% of the company’s shares are short sold.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP purchased a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the third quarter worth approximately $978,000. CPR Investments Inc. purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the first quarter valued at approximately $294,000. HRT Financial LP purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the fourth quarter valued at approximately $362,000. Bank of America Corp DE bought a new position in Direxion Daily Magnificent 7 Bull 2X Shares in the fourth quarter worth approximately $55,000. Finally, Thurston Springer Miller Herd & Titak Inc. grew its stake in Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock worth $60,000 after purchasing an additional 621 shares in the last quarter.

Direxion Daily Magnificent 7 Bull 2X Shares Trading Up 1.4%

NYSEARCA:QQQU opened at $56.07 on Wednesday. Direxion Daily Magnificent 7 Bull 2X Shares has a twelve month low of $38.42 and a twelve month high of $66.97. The company has a market cap of $72.89 million, a price-to-earnings ratio of 34.65 and a beta of 3.09. The stock has a fifty day simple moving average of $56.22 and a 200-day simple moving average of $52.81.

Direxion Daily Magnificent 7 Bull 2X Shares Company Profile

The Direxion Daily Concentrated Qs Bull 2X Shares (QQQU) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks 2x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQU was launched on Mar 7, 2024 and is issued by Direxion.