Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Sees Significant Drop in Short Interest

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the target of a large decrease in short interest in June. As of June 30th, there was short interest totaling 16,277 shares, a decrease of 45.5% from the June 15th total of 29,870 shares. Based on an average daily trading volume, of 68,397 shares, the days-to-cover ratio is presently 0.2 days. Currently, 1.3% of the company’s stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Susquehanna International Group LLP bought a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 3rd quarter valued at about $978,000. CPR Investments Inc. purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 1st quarter worth approximately $294,000. HRT Financial LP bought a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the fourth quarter valued at approximately $362,000. Bank of America Corp DE bought a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the fourth quarter valued at approximately $55,000. Finally, Thurston Springer Miller Herd & Titak Inc. increased its holdings in Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock valued at $60,000 after buying an additional 621 shares during the period.

Direxion Daily Magnificent 7 Bull 2X Shares Trading Up 1.4%

Shares of Direxion Daily Magnificent 7 Bull 2X Shares stock opened at $56.07 on Wednesday. The stock’s fifty day moving average price is $56.22 and its 200-day moving average price is $52.81. The firm has a market cap of $72.89 million, a P/E ratio of 34.65 and a beta of 3.09. Direxion Daily Magnificent 7 Bull 2X Shares has a 12 month low of $38.42 and a 12 month high of $66.97.

About Direxion Daily Magnificent 7 Bull 2X Shares

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.