Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT) Trading 3.8% Higher – Should You Buy?

Direxion Daily Gold Miners Index Bull 2x Shares (NYSEARCA:NUGT)’s stock price traded up 3.8% during mid-day trading on Wednesday . The company traded as high as $38.84 and last traded at $38.84. 1,127,508 shares were traded during trading, a decline of 22% from the average session volume of 1,447,532 shares. The stock had previously closed at $37.41.

Direxion Daily Gold Miners Index Bull 2x Shares Stock Performance

The stock has a 50 day moving average of $41.49 and a 200 day moving average of $45.01. The stock has a market capitalization of $571.35 million, a P/E ratio of 19.80 and a beta of 1.57.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NUGT. Headlands Technologies LLC bought a new position in Direxion Daily Gold Miners Index Bull 2x Shares in the 2nd quarter valued at about $195,000. Virtu Financial LLC bought a new stake in Direxion Daily Gold Miners Index Bull 2x Shares during the third quarter worth approximately $505,000. HighTower Advisors LLC lifted its position in Direxion Daily Gold Miners Index Bull 2x Shares by 68.0% in the third 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 during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Direxion Daily Gold Miners Index Bull 2x Shares by 40.4% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 11,856 shares of the exchange traded fund’s stock valued at $589,000 after purchasing an additional 3,409 shares in the last quarter. Finally, Fore Capital LLC acquired a new position in shares of Direxion Daily Gold Miners Index Bull 2x Shares during the 2nd quarter valued at $1,691,000.

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.