Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading Down 4.6% – Should You Sell?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT)’s share price were down 4.6% during mid-day trading on Thursday . The company traded as low as $55.45 and last traded at $55.53. Approximately 642,630 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 2,240,652 shares. The stock had previously closed at $58.18.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The stock’s 50-day moving average price is $49.52 and its 200-day moving average price is $44.00. The company has a market cap of $794.62 million, a P/E ratio of 19.80 and a beta of 1.57.

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

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pineridge Advisors LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares during the first quarter worth about $5,410,000. B. Riley Wealth Advisors Inc. acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares during the first quarter worth about $2,193,000. Fore Capital LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter worth about $1,691,000. Quadrature Capital Ltd acquired a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares in the first quarter valued at approximately $856,000. Finally, Virtu Financial LLC acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the 1st quarter valued at approximately $384,000.

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.