Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU) Stock Falls 3.4% – Time to Sell?

Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU) fell 3.4% during mid-day trading on Monday. The stock traded as low as $61.71 and last traded at $61.76. Approximately 28,069 shares changed hands during trading, a decline of 58% from the average daily volume of 66,427 shares. The stock had previously closed at $63.94.

Direxion Daily Magnificent 7 Bull 2X ETF Price Performance

The company has a market capitalization of $78.44 million, a P/E ratio of 34.65 and a beta of 3.07. The stock’s 50 day moving average is $56.91 and its 200-day moving average is $54.35.

Institutional Investors Weigh In On Direxion Daily Magnificent 7 Bull 2X ETF

A hedge fund recently bought a new stake in Direxion Daily Magnificent 7 Bull 2X ETF stock. CPR Investments Inc. bought a new position in Direxion Daily Magnificent 7 Bull 2X ETF (NYSEARCA:QQQU) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 6,937 shares of the company’s stock, valued at approximately $294,000. CPR Investments Inc. owned 0.38% of Direxion Daily Magnificent 7 Bull 2X ETF at the end of the most recent reporting period.

About Direxion Daily Magnificent 7 Bull 2X ETF

The Direxion Daily Concentrated Qs Bull 2X Shares (QQQU) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks 2x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQU was launched on Mar 7, 2024 and is issued by Direxion.