Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Shares Down 7.8% – Time to Sell?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) fell 7.8% on Friday . The company traded as low as $109.38 and last traded at $109.50. 177,184 shares changed hands during trading, a decline of 75% from the average session volume of 697,699 shares. The stock had previously closed at $118.80.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock has a 50 day simple moving average of $129.60 and a 200-day simple moving average of $187.83. The firm has a market cap of $848.31 million, a PE ratio of 22.41 and a beta of 1.25.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

Several large investors have recently modified their holdings of NUGT. Parallel Advisors LLC purchased a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the 1st quarter valued at about $31,000. Tower Research Capital LLC TRC raised its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% in the second quarter. Tower Research Capital LLC TRC now owns 878 shares of the exchange traded fund’s stock worth $65,000 after buying an additional 725 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter worth about $71,000. Federation des caisses Desjardins du Quebec lifted its stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 27.3% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 1,025 shares of the exchange traded fund’s stock worth $189,000 after buying an additional 220 shares in the last quarter. Finally, StoneX Group Inc. bought a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the fourth quarter worth approximately $264,000.

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.