BMO REX MicroSectors FANG Index 3X Leveraged ETN (NYSEARCA:FNGU) Stock Price Down 7.2% – Should You Sell?

BMO REX MicroSectors FANG Index 3X Leveraged ETN (NYSEARCA:FNGU) dropped 7.2% during mid-day trading on Friday . The stock traded as low as $550.03 and last traded at $558.75. Approximately 334,273 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 628,458 shares. The stock had previously closed at $602.00.

BMO REX MicroSectors FANG Index 3X Leveraged ETN Price Performance

The company’s fifty day moving average price is $563.20 and its 200 day moving average price is $468.39. The company has a market cap of $407.29 billion, a PE ratio of 123.65 and a beta of 4.82.

Hedge Funds Weigh In On BMO REX MicroSectors FANG Index 3X Leveraged ETN

An institutional investor recently bought a new position in BMO REX MicroSectors FANG Index 3X Leveraged ETN stock. DRW Securities LLC purchased a new position in shares of BMO REX MicroSectors FANG Index 3X Leveraged ETN (NYSEARCA:FNGU) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 508 shares of the company’s stock, valued at approximately $226,000.

About BMO REX MicroSectors FANG Index 3X Leveraged ETN

The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU) is an exchange-traded fund that is based on the NYSE FANG+ index. The fund tracks 3x the daily price movements of an equal-weighted index of US-listed technology and consumer discretionary companies. FNGU was launched on Jan 22, 2018 and is issued by REX Microsectors.