Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading 6.7% Higher – Should You Buy?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT)’s stock price traded up 6.7% during mid-day trading on Thursday . The company traded as high as $37.62 and last traded at $37.53. 696,115 shares were traded during trading, a decline of 68% from the average session volume of 2,192,258 shares. The stock had previously closed at $35.16.

Direxion Daily Gold Miners Index Bull 2x Shares Price Performance

The firm has a market cap of $547.32 million, a PE ratio of 19.80 and a beta of 1.57. The stock has a 50 day simple moving average of $42.17 and a 200-day simple moving average of $44.92.

Hedge Funds Weigh In On Direxion Daily Gold Miners Index Bull 2x Shares

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