Direxion Daily NYSE FANG+ Bull 2X ETF (NYSEARCA:FNGG) Short Interest Up 256.2% in August

Direxion Daily NYSE FANG+ Bull 2X ETF (NYSEARCA:FNGG) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 11,955 shares, a growth of 256.2% from the August 15th total of 3,356 shares. Approximately 2.3% of the shares of the company are short sold. Based on an average trading volume of 6,860 shares, the days-to-cover ratio is presently 1.7 days.

Direxion Daily NYSE FANG+ Bull 2X ETF Stock Performance

FNGG traded up $4.35 during trading hours on Friday, reaching $262.19. The company’s stock had a trading volume of 1,093 shares, compared to its average volume of 8,804. The company’s 50-day moving average is $248.21 and its 200-day moving average is $219.90. Direxion Daily NYSE FANG+ Bull 2X ETF has a 52 week low of $139.12 and a 52 week high of $276.00. The firm has a market cap of $138.96 million, a PE ratio of 42.08 and a beta of 2.83.

Hedge Funds Weigh In On Direxion Daily NYSE FANG+ Bull 2X ETF

Several institutional investors and hedge funds have recently made changes to their positions in FNGG. Wealth Watch Advisors INC acquired a new stake in Direxion Daily NYSE FANG+ Bull 2X ETF during the 3rd quarter worth approximately $109,000. Larson Financial Group LLC grew its holdings in Direxion Daily NYSE FANG+ Bull 2X ETF by 223.2% in the 3rd quarter. Larson Financial Group LLC now owns 640 shares of the company’s stock valued at $155,000 after buying an additional 442 shares in the last quarter. Meadowbrook Wealth Management LLC acquired a new position in Direxion Daily NYSE FANG+ Bull 2X ETF in the 2nd quarter valued at $340,000. Finally, Simplex Trading LLC increased its position in Direxion Daily NYSE FANG+ Bull 2X ETF by 228.7% during the 4th quarter. Simplex Trading LLC now owns 1,926 shares of the company’s stock worth $397,000 after buying an additional 1,340 shares during the period.

Direxion Daily NYSE FANG+ Bull 2X ETF Company Profile

The Direxion Daily Select Large Caps & FANGs Bull 2X Shares (FNGG) is an exchange-traded fund that is based on the ICE FANG 20 index. The fund provides 2x the daily price movements of an equal-weighted index consists of FANG stocks and other growth stocks of technology and tech-enabled companies. FNGG was launched on Sep 30, 2021 and is managed by Direxion.