Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU – Get Free Report) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totaling 14,558 shares, a drop of 61.9% from the July 15th total of 38,168 shares. Based on an average daily volume of 46,281 shares, the days-to-cover ratio is presently 0.3 days. Currently, 1.1% of the shares of the company are sold short.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE purchased a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares in the fourth quarter worth $55,000. CPR Investments Inc. bought a new stake in Direxion Daily Magnificent 7 Bull 2X Shares in the 1st quarter valued at $294,000. HRT Financial LP purchased a new stake in Direxion Daily Magnificent 7 Bull 2X Shares in the 4th quarter worth $362,000. Finally, Susquehanna International Group LLP bought a new position in shares of Direxion Daily Magnificent 7 Bull 2X Shares during the 3rd quarter valued at about $978,000.
Direxion Daily Magnificent 7 Bull 2X Shares Trading Up 2.3%
NYSEARCA QQQU opened at $57.16 on Friday. The stock has a market cap of $76.02 million, a price-to-earnings ratio of 34.65 and a beta of 3.06. Direxion Daily Magnificent 7 Bull 2X Shares has a 12 month low of $38.42 and a 12 month high of $66.97. The company’s 50 day moving average is $53.50 and its two-hundred day moving average is $52.63.
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.
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