Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Stock Price Up 9.7% – Still a Buy?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) were up 9.7% during trading on Tuesday . The stock traded as high as $181.81 and last traded at $181.18. Approximately 226,123 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 816,063 shares. The stock had previously closed at $165.10.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Performance

The company has a market cap of $1.14 billion, a price-to-earnings ratio of 22.41 and a beta of 1.08. The business’s 50 day moving average price is $234.73 and its 200-day moving average price is $191.05.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% in the 2nd 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 in the last quarter. Raymond James Financial Inc. bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter valued at $71,000. Caitlin John LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter worth $164,000. Federation des caisses Desjardins du Quebec raised its stake in Direxion Daily Gold Miners Index Bull 2x Shares by 27.3% during 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 acquiring an additional 220 shares in the last quarter. Finally, PFG Investments LLC bought a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter valued at $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.