Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Sees Significant Decrease in Short Interest

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the recipient of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 24,054 shares, a decrease of 35.1% from the May 14th total of 37,059 shares. Based on an average daily trading volume, of 58,166 shares, the days-to-cover ratio is presently 0.4 days. Currently, 1.3% of the company’s shares are short sold.

Direxion Daily Magnificent 7 Bull 2X Shares Trading Down 5.5%

NYSEARCA QQQU opened at $51.92 on Thursday. The business’s 50-day moving average price is $56.26 and its 200 day moving average price is $53.66. Direxion Daily Magnificent 7 Bull 2X Shares has a twelve month low of $38.42 and a twelve month high of $66.97. The company has a market capitalization of $96.05 million, a PE ratio of 34.65 and a beta of 2.98.

Hedge Funds Weigh In On Direxion Daily Magnificent 7 Bull 2X Shares

Several large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE acquired a new stake in Direxion Daily Magnificent 7 Bull 2X Shares during the fourth quarter worth about $55,000. Susquehanna International Group LLP acquired a new stake in Direxion Daily Magnificent 7 Bull 2X Shares during the 3rd quarter valued at approximately $978,000. Thurston Springer Miller Herd & Titak Inc. grew its stake in Direxion Daily Magnificent 7 Bull 2X Shares by 140.8% during the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,062 shares of the company’s stock valued at $60,000 after purchasing an additional 621 shares in the last quarter. HRT Financial LP acquired a new stake in Direxion Daily Magnificent 7 Bull 2X Shares during the 4th quarter valued at approximately $362,000. Finally, CPR Investments Inc. acquired a new stake in Direxion Daily Magnificent 7 Bull 2X Shares during the 1st quarter valued at approximately $294,000.

Direxion Daily Magnificent 7 Bull 2X Shares Company Profile

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.