Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Sees Significant Decline in Short Interest

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totaling 37,114 shares, a decrease of 13.5% from the March 15th total of 42,889 shares. Based on an average trading volume of 90,361 shares, the short-interest ratio is currently 0.4 days. Currently, 1.9% of the company’s stock are sold short.

Direxion Daily Magnificent 7 Bull 2X Shares Trading Up 4.4%

Shares of QQQU stock traded up $2.36 during midday trading on Friday, reaching $56.01. 44,081 shares of the stock were exchanged, compared to its average volume of 82,816. The firm has a market cap of $102.50 million, a PE ratio of 34.65 and a beta of 3.07. The company’s 50 day moving average is $47.19 and its two-hundred day moving average is $54.33. Direxion Daily Magnificent 7 Bull 2X Shares has a 1 year low of $23.90 and a 1 year high of $66.97.

Institutional Trading of Direxion Daily Magnificent 7 Bull 2X Shares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 4th quarter worth approximately $55,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock worth $60,000 after buying an additional 621 shares during the last quarter. CPR Investments Inc. purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 1st quarter worth approximately $294,000. HRT Financial LP purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 4th quarter worth approximately $362,000. Finally, Southland Equity Partners LLC purchased a new stake in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the 3rd quarter worth approximately $592,000.

About Direxion Daily Magnificent 7 Bull 2X Shares

The Direxion Daily Concentrated Qs Bull 2X Shares (QQQU) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks 2x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQU was launched on Mar 7, 2024 and is issued by Direxion.