Direxion Daily Gold Miners Index Bull 2x ETF (NYSEARCA:NUGT) Shares Gap Down – Time to Sell?

Shares of Direxion Daily Gold Miners Index Bull 2x ETF (NYSEARCA:NUGT) gapped down before the market opened on Wednesday . The stock had previously closed at $184.39, but opened at $174.44. Direxion Daily Gold Miners Index Bull 2x ETF shares last traded at $169.14, with a volume of 282,726 shares changing hands.

Direxion Daily Gold Miners Index Bull 2x ETF Stock Down 8.8%

The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of 22.41 and a beta of 1.37. The firm’s 50 day moving average is $159.78 and its 200 day moving average is $165.83.

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

A number of institutional investors have recently bought and sold shares of NUGT. Parallel Advisors LLC acquired a new position in shares of Direxion Daily Gold Miners Index Bull 2x ETF in the first quarter worth $31,000. Integrated Wealth Concepts LLC bought a new stake in Direxion Daily Gold Miners Index Bull 2x ETF in the second quarter worth $99,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Direxion Daily Gold Miners Index Bull 2x ETF 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 valued at $195,000 after buying an additional 1,028 shares in the last quarter. 180 Wealth Advisors LLC raised its stake in shares of Direxion Daily Gold Miners Index Bull 2x ETF by 4.6% in the 2nd quarter. 180 Wealth Advisors LLC now owns 3,011 shares of the exchange traded fund’s stock valued at $352,000 after acquiring an additional 132 shares in the last quarter. Finally, Optiver Holding B.V. raised its position in shares of Direxion Daily Gold Miners Index Bull 2x ETF by 72.3% in the first quarter. Optiver Holding B.V. now owns 3,052 shares of the exchange traded fund’s stock valued at $575,000 after purchasing an additional 1,281 shares during the period.

About Direxion Daily Gold Miners Index Bull 2x ETF

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.