Direxion Daily NYSE FANG+ Bull 2X ETF (NYSEARCA:FNGG) Sees Significant Increase in Short Interest

Direxion Daily NYSE FANG+ Bull 2X ETF (NYSEARCA:FNGG) saw a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 11,955 shares, an increase of 256.2% from the August 15th total of 3,356 shares. Approximately 2.3% of the company’s shares are sold short. Based on an average daily volume of 6,860 shares, the days-to-cover ratio is presently 1.7 days.

Hedge Funds Weigh In On Direxion Daily NYSE FANG+ Bull 2X ETF

Several hedge funds have recently bought and sold shares of the company. Meadowbrook Wealth Management LLC purchased a new position in Direxion Daily NYSE FANG+ Bull 2X ETF during the 2nd quarter valued at about $340,000. Simplex Trading LLC increased its stake in Direxion Daily NYSE FANG+ Bull 2X ETF by 228.7% during the fourth quarter. Simplex Trading LLC now owns 1,926 shares of the company’s stock worth $397,000 after purchasing an additional 1,340 shares during the period. Larson Financial Group LLC increased its stake in Direxion Daily NYSE FANG+ Bull 2X ETF by 223.2% during the third quarter. Larson Financial Group LLC now owns 640 shares of the company’s stock worth $155,000 after purchasing an additional 442 shares during the period. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Direxion Daily NYSE FANG+ Bull 2X ETF during the third quarter worth about $109,000.

Direxion Daily NYSE FANG+ Bull 2X ETF Stock Up 1.7%

NYSEARCA:FNGG traded up $4.35 during trading hours on Friday, reaching $262.19. 1,093 shares of the stock were exchanged, compared to its average volume of 8,804. Direxion Daily NYSE FANG+ Bull 2X ETF has a twelve month low of $139.12 and a twelve month high of $276.00. The business has a 50-day moving average of $248.21 and a two-hundred day moving average of $219.90. The company has a market capitalization of $138.96 million, a price-to-earnings ratio of 42.08 and a beta of 2.83.

About Direxion Daily NYSE FANG+ Bull 2X ETF

The Direxion Daily Select Large Caps & FANGs Bull 2X Shares (FNGG) is an exchange-traded fund that is based on the ICE FANG 20 index. The fund provides 2x the daily price movements of an equal-weighted index consists of FANG stocks and other growth stocks of technology and tech-enabled companies. FNGG was launched on Sep 30, 2021 and is managed by Direxion.