Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Shares Gap Up – Should You Buy?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) gapped up prior to trading on Monday . The stock had previously closed at $50.28, but opened at $52.87. Direxion Daily Gold Miners Index Bull 2x Shares shares last traded at $53.04, with a volume of 254,680 shares traded.

Direxion Daily Gold Miners Index Bull 2x Shares Trading Down 2.7 %

The firm has a market capitalization of $756.38 million, a price-to-earnings ratio of 19.80 and a beta of 1.57. The stock has a fifty day moving average of $41.40 and a 200-day moving average of $45.25.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NUGT. 180 Wealth Advisors LLC grew its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 9.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 6,529 shares of the exchange traded fund’s stock valued at $230,000 after buying an additional 590 shares in the last quarter. Beacon Harbor Wealth Advisors Inc. grew its stake in Direxion Daily Gold Miners Index Bull 2x Shares by 55.6% in the fourth quarter. Beacon Harbor Wealth Advisors Inc. now owns 7,000 shares of the exchange traded fund’s stock valued at $246,000 after purchasing an additional 2,500 shares in the last quarter. PFG Investments LLC purchased a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the fourth quarter valued at about $364,000. 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. Finally, EverSource Wealth Advisors LLC purchased a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the fourth quarter valued at about $543,000.

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.