Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Stock Price Down 8.3% – Here’s What Happened

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) were down 8.3% on Wednesday . The stock traded as low as $107.93 and last traded at $108.00. 464,597 shares traded hands during trading, a decline of 35% from the average daily volume of 712,079 shares. The stock had previously closed at $117.83.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The company has a market capitalization of $859.66 million, a PE ratio of 22.41 and a beta of 1.25. The company’s 50 day simple moving average is $149.22 and its 200 day simple moving average is $197.04.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC purchased a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the first quarter worth approximately $31,000. Tower Research Capital LLC TRC increased its position in Direxion Daily Gold Miners Index Bull 2x Shares by 473.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 878 shares of the exchange traded fund’s stock worth $65,000 after purchasing an additional 725 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter worth approximately $71,000. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 27.3% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,025 shares of the exchange traded fund’s stock valued at $189,000 after buying an additional 220 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 160.1% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,670 shares of the exchange traded fund’s stock worth $195,000 after buying an additional 1,028 shares in the last quarter.

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.