Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading Down 11.2% – Time to Sell?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) shares dropped 11.2% on Thursday . The stock traded as low as $271.20 and last traded at $274.7140. Approximately 773,523 shares changed hands during mid-day trading, an increase of 4% from the average daily volume of 743,231 shares. The stock had previously closed at $309.51.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Down 25.2%

The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 22.41 and a beta of 1.08. The company has a 50 day simple moving average of $205.48 and a 200 day simple moving average of $150.21.

Institutional Investors Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

Institutional investors have recently modified their holdings of the stock. FNY Investment Advisers LLC acquired a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter worth $557,000. Savvy Advisors Inc. acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter worth about $498,000. Simplex Trading LLC purchased a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter worth about $1,004,000. Crosspoint Financial LLC acquired a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter valued at about $282,000. Finally, Qube Research & Technologies Ltd bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at approximately $990,000.

Direxion Daily Gold Miners Index Bull 2x Shares Company Profile

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.