Direxion Daily FTSE China Bull 3X Shares (NYSEARCA:YINN) Sees Strong Trading Volume – Still a Buy?

Direxion Daily FTSE China Bull 3X Shares (NYSEARCA:YINN) saw an uptick in trading volume on Wednesday . 2,830,206 shares were traded during trading, an increase of 27% from the previous session’s volume of 2,228,803 shares.The stock last traded at $38.52 and had previously closed at $36.20.

Direxion Daily FTSE China Bull 3X Shares Stock Down 7.9%

The stock has a market capitalization of $787.24 million, a price-to-earnings ratio of 8.49 and a beta of 1.07. The business’s 50-day moving average is $34.20 and its two-hundred day moving average is $41.35.

Hedge Funds Weigh In On Direxion Daily FTSE China Bull 3X Shares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. purchased a new position in Direxion Daily FTSE China Bull 3X Shares in the second quarter worth approximately $4,128,000. Bank of America Corp DE grew its stake in shares of Direxion Daily FTSE China Bull 3X Shares by 34.4% during the second quarter. Bank of America Corp DE now owns 3,128 shares of the exchange traded fund’s stock worth $128,000 after purchasing an additional 800 shares in the last quarter. Ping Capital Management Inc. increased its holdings in Direxion Daily FTSE China Bull 3X Shares by 1.8% in the third quarter. Ping Capital Management Inc. now owns 58,000 shares of the exchange traded fund’s stock valued at $3,149,000 after buying an additional 1,000 shares during the last quarter. Optiver Holding B.V. acquired a new stake in Direxion Daily FTSE China Bull 3X Shares in the third quarter valued at $2,076,000. Finally, Great Hill Capital LLC purchased a new stake in Direxion Daily FTSE China Bull 3X Shares during the 3rd quarter worth about $311,000.

About Direxion Daily FTSE China Bull 3X Shares

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.