Roundhill Daily 2X Long Magnificent Seven ETF (BATS:MAGX) Sees Large Growth in Short Interest

Roundhill Daily 2X Long Magnificent Seven ETF (BATS:MAGX) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 75,383 shares, an increase of 265.4% from the May 31st total of 20,628 shares. Based on an average daily volume of 72,684 shares, the days-to-cover ratio is currently 1.0 days. Currently, 4.2% of the shares of the stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Physician Wealth Advisors Inc. increased its stake in Roundhill Daily 2X Long Magnificent Seven ETF by 34.2% in the fourth quarter. Physician Wealth Advisors Inc. now owns 863 shares of the company’s stock valued at $49,000 after acquiring an additional 220 shares during the last quarter. 180 Wealth Advisors LLC purchased a new position in shares of Roundhill Daily 2X Long Magnificent Seven ETF during the 4th quarter valued at about $979,000. IFP Advisors Inc boosted its stake in Roundhill Daily 2X Long Magnificent Seven ETF by 35.7% in the third quarter. IFP Advisors Inc now owns 1,900 shares of the company’s stock worth $107,000 after buying an additional 500 shares in the last quarter. Finally, Flow Traders U.S. LLC bought a new position in Roundhill Daily 2X Long Magnificent Seven ETF during the third quarter valued at approximately $1,234,000.

Roundhill Daily 2X Long Magnificent Seven ETF Price Performance

MAGX stock opened at $46.94 on Friday. The firm has a 50 day simple moving average of $56.40 and a two-hundred day simple moving average of $53.53. Roundhill Daily 2X Long Magnificent Seven ETF has a one year low of $38.72 and a one year high of $63.47.

About Roundhill Daily 2X Long Magnificent Seven ETF

The Roundhill Daily 2X Long Magnificent Seven ETF (MAGX) is an exchange-traded fund that mostly invests in stocks based on a particular theme. The fund is an actively managed fund-of-funds aiming to achieve 2x the return, for a single day, of the Roundhill Magnificent Seven ETF (MAGS) through derivative instruments such as swaps. MAGX was launched on Feb 29, 2024 and is issued by Roundhill.