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

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $286.12, but opened at $238.60. Direxion Daily Gold Miners Index Bull 2x Shares shares last traded at $243.3140, with a volume of 409,025 shares.

Direxion Daily Gold Miners Index Bull 2x Shares Trading Down 25.2%

The stock’s 50-day simple moving average is $205.48 and its 200-day simple moving average is $150.75. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of 22.41 and a beta of 1.08.

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

Hedge funds have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at $557,000. Savvy Advisors Inc. acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter valued at about $498,000. Simplex Trading LLC acquired a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the second quarter valued at about $1,004,000. Crosspoint Financial LLC bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter worth about $282,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the second quarter worth about $990,000.

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.