Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Shares Gap Up – Time to Buy?

Shares of Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) gapped up prior to trading on Wednesday . The stock had previously closed at $73.26, but opened at $78.62. Direxion Daily Gold Miners Index Bull 2x Shares shares last traded at $78.67, with a volume of 914,278 shares changing hands.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Up 6.5 %

The business has a fifty day moving average of $55.29 and a 200 day moving average of $48.18. The firm has a market cap of $682.55 million, a P/E ratio of 29.18 and a beta of 1.68.

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

Several hedge funds have recently added to or reduced their stakes in NUGT. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Direxion Daily Gold Miners Index Bull 2x Shares by 122.8% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,228 shares of the exchange traded fund’s stock valued at $138,000 after purchasing an additional 1,228 shares during the period. Tudor Investment Corp ET AL bought a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 4th quarter valued at about $203,000. 180 Wealth Advisors LLC raised its holdings in Direxion Daily Gold Miners Index Bull 2x Shares by 9.9% in the 4th quarter. 180 Wealth Advisors LLC now owns 6,529 shares of the exchange traded fund’s stock valued at $230,000 after acquiring an additional 590 shares during the period. Beacon Harbor Wealth Advisors Inc. lifted its position in Direxion Daily Gold Miners Index Bull 2x Shares by 55.6% during the fourth quarter. Beacon Harbor Wealth Advisors Inc. now owns 7,000 shares of the exchange traded fund’s stock worth $246,000 after acquiring an additional 2,500 shares during the last quarter. Finally, PFG Investments LLC bought a new stake in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the fourth quarter worth approximately $364,000.

Direxion Daily Gold Miners Index Bull 2x Shares Company Profile

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.