Direxion Daily FTSE China Bull 3X ETF (NYSEARCA:YINN) Shares Gap Down – Here’s Why

Direxion Daily FTSE China Bull 3X ETF (NYSEARCA:YINN)’s share price gapped down prior to trading on Wednesday. The stock had previously closed at $25.19, but opened at $24.28. Direxion Daily FTSE China Bull 3X ETF shares last traded at $24.1570, with a volume of 600,669 shares.

Direxion Daily FTSE China Bull 3X ETF Trading Down 4.5%

The stock has a market capitalization of $599.93 million, a price-to-earnings ratio of 8.49 and a beta of 0.97. The stock has a 50-day simple moving average of $25.06 and a 200 day simple moving average of $30.99.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its position in Direxion Daily FTSE China Bull 3X ETF by 25.2% during the third quarter. Parallel Advisors LLC now owns 7,100 shares of the exchange traded fund’s stock valued at $177,000 after purchasing an additional 1,430 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in Direxion Daily FTSE China Bull 3X ETF by 28.9% in the 3rd quarter. SBI Securities Co. Ltd. now owns 7,595 shares of the exchange traded fund’s stock worth $189,000 after buying an additional 1,705 shares in the last quarter. IMC Chicago LLC purchased a new stake in Direxion Daily FTSE China Bull 3X ETF in the 1st quarter worth approximately $560,000. Finally, Group One Trading LLC purchased a new stake in Direxion Daily FTSE China Bull 3X ETF in the 1st quarter worth approximately $1,266,000.

Direxion Daily FTSE China Bull 3X ETF Company Profile

Direxion Daily China Bull 3x Shares ETF (the Fund) seeks daily investment results of 300% of the price performance of the BNY China Select ADR Index (the China Index). The China Index is a free float-adjusted capitalization-weighted index designed by the Bank of New York to track the performance of a basket of companies who have their primary equity listing on a stock exchange in China and which also have depositary receipts that trade on a United States exchange or on the National Association of Securities and Dealers Automated Quotation.