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

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) shares gapped down prior to trading on Monday . The stock had previously closed at $208.90, but opened at $190.00. Direxion Daily Gold Miners Index Bull 2x Shares shares last traded at $182.74, with a volume of 312,258 shares.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock’s fifty day simple moving average is $158.49 and its two-hundred day simple moving average is $123.65. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 22.41 and a beta of 1.08.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NUGT. Tower Research Capital LLC TRC boosted its position in shares of 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 period. JPMorgan Chase & Co. lifted its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 40.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,676 shares of the exchange traded fund’s stock worth $413,000 after purchasing an additional 771 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter worth $71,000. Caitlin John LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the third quarter valued at about $164,000. Finally, PFG Investments LLC acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the 3rd quarter valued at approximately $232,000.

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.