Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Sees Large Volume Increase – Time to Buy?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) saw unusually-strong trading volume on Tuesday . Approximately 619,772 shares changed hands during trading, a decline of 47% from the previous session’s volume of 1,177,702 shares.The stock last traded at $38.82 and had previously closed at $36.44.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Up 4.5 %

The stock has a market capitalization of $557.73 million, a price-to-earnings ratio of 19.80 and a beta of 1.57. The company’s fifty day simple moving average is $41.83 and its 200 day simple moving average is $45.01.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NUGT. HighTower Advisors LLC grew its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 68.0% during the 3rd quarter. HighTower Advisors LLC now owns 11,378 shares of the exchange traded fund’s stock worth $564,000 after acquiring an additional 4,605 shares during the period. IMC Chicago LLC boosted its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 84.4% in the 3rd quarter. IMC Chicago LLC now owns 42,810 shares of the exchange traded fund’s stock worth $2,126,000 after buying an additional 19,599 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter worth about $195,000. Fore Capital LLC bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter worth about $1,691,000. Finally, Virtu Financial LLC purchased a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the third quarter valued at about $505,000.

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.