Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX) Trading 1.1% Higher – Still a Buy?

Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX)’s share price shot up 1.1% during mid-day trading on Tuesday . The stock traded as high as $80.37 and last traded at $80.03. 186,936 shares were traded during trading, a decline of 61% from the average daily volume of 475,938 shares. The stock had previously closed at $79.17.

Direxion Daily Energy Bull 2x Shares Stock Performance

The stock’s 50 day simple moving average is $88.61 and its 200 day simple moving average is $80.21. The firm has a market cap of $232.89 million, a PE ratio of 14.85 and a beta of 0.80.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ERX. EverSource Wealth Advisors LLC increased its stake in Direxion Daily Energy Bull 2x Shares by 17.9% in the second quarter. EverSource Wealth Advisors LLC now owns 1,650 shares of the company’s stock valued at $85,000 after acquiring an additional 250 shares during the last quarter. Bank of America Corp DE bought a new stake in Direxion Daily Energy Bull 2x Shares during the second quarter worth about $116,000. Qube Research & Technologies Ltd boosted its holdings in shares of Direxion Daily Energy Bull 2x Shares by 679.8% in the 3rd quarter. Qube Research & Technologies Ltd now owns 3,158 shares of the company’s stock worth $178,000 after purchasing an additional 2,753 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of Direxion Daily Energy Bull 2x Shares in the 4th quarter worth about $215,000. Finally, HRT Financial LP bought a new position in shares of Direxion Daily Energy Bull 2x Shares during the 4th quarter valued at about $351,000.

About Direxion Daily Energy Bull 2x Shares

The Direxion Daily Energy Bull 2X Shares (ERX) is an exchange-traded fund that is based on the Energy Select Sector index. The fund provides 2x leveraged exposure to a market-cap-weighted index of US large-cap companies in the energy industry. ERX was launched on Nov 6, 2008 and is managed by Direxion.