Direxion Daily META Bull 2X Shares (NASDAQ:METU) Sees Large Volume Increase – Still a Buy?

Shares of Direxion Daily META Bull 2X Shares (NASDAQ:METU) saw unusually-strong trading volume on Thursday . Approximately 2,790,709 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 4,398,975 shares.The stock last traded at $22.40 and had previously closed at $23.82.

Direxion Daily META Bull 2X Shares Stock Performance

The stock has a market cap of $515.83 million, a price-to-earnings ratio of 24.62 and a beta of 3.21. The company has a 50-day simple moving average of $24.28 and a two-hundred day simple moving average of $27.66.

Direxion Daily META Bull 2X Shares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were given a dividend of $0.1432 per share. This represents a $0.57 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Tuesday, June 23rd.

Institutional Investors Weigh In On Direxion Daily META Bull 2X Shares

Institutional investors and hedge funds have recently modified their holdings of the company. HUB Investment Partners LLC acquired a new stake in Direxion Daily META Bull 2X Shares in the 2nd quarter valued at about $418,000. Bank of America Corp DE acquired a new position in Direxion Daily META Bull 2X Shares during the second quarter worth approximately $244,000. Corient Private Wealth LLC acquired a new position in Direxion Daily META Bull 2X Shares during the second quarter worth approximately $681,000. Wealth Enhancement Advisory Services LLC bought a new stake in Direxion Daily META Bull 2X Shares in the fourth quarter valued at approximately $349,000. Finally, Tactive Advisors LLC bought a new stake in Direxion Daily META Bull 2X Shares in the fourth quarter valued at approximately $478,000.

Direxion Daily META Bull 2X Shares Company Profile

The Direxion Daily META Bull 2X Shares (METU) is an exchange-traded fund that is based on the Meta Platforms Inc Class A index. The fund provides 2x leveraged exposure, less fees and expenses, to the daily price movement for shares of META stock. METU was launched on Jun 5, 2024 and is issued by Direxion.