Direxion Daily NVDA Bull 2X Shares (NASDAQ:NVDU) Stock Price Down 4.9% – Here’s Why

Shares of Direxion Daily NVDA Bull 2X Shares (NASDAQ:NVDU) dropped 4.9% during mid-day trading on Thursday . The stock traded as low as $117.20 and last traded at $117.42. Approximately 230,837 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 494,521 shares. The stock had previously closed at $123.46.

Direxion Daily NVDA Bull 2X Shares Trading Down 2.2%

The company has a 50 day simple moving average of $134.24 and a 200 day simple moving average of $120.60. The stock has a market capitalization of $589.02 million, a PE ratio of 42.98 and a beta of 3.79.

Direxion Daily NVDA Bull 2X Shares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd were given a $0.694 dividend. The ex-dividend date was Tuesday, June 23rd. This represents a $2.78 dividend on an annualized basis and a yield of 2.3%.

Hedge Funds Weigh In On Direxion Daily NVDA Bull 2X Shares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS Group AG lifted its holdings in shares of Direxion Daily NVDA Bull 2X Shares by 120.0% in the 3rd quarter. UBS Group AG now owns 275,000 shares of the company’s stock valued at $36,061,000 after buying an additional 149,978 shares during the period. IMC Chicago LLC purchased a new position in Direxion Daily NVDA Bull 2X Shares in the fourth quarter worth $5,211,000. HRT Financial LP acquired a new stake in Direxion Daily NVDA Bull 2X Shares in the second quarter valued at $1,925,000. Virtu Financial LLC boosted its position in shares of Direxion Daily NVDA Bull 2X Shares by 600.0% during the 4th quarter. Virtu Financial LLC now owns 19,859 shares of the company’s stock worth $2,338,000 after purchasing an additional 17,022 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in shares of Direxion Daily NVDA Bull 2X Shares by 115.3% during the 3rd quarter. Tower Research Capital LLC TRC now owns 27,706 shares of the company’s stock worth $3,633,000 after purchasing an additional 14,838 shares in the last quarter.

About Direxion Daily NVDA Bull 2X Shares

The Direxion Daily NVDA Bull 2X Shares (NVDU) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 2x leveraged exposure, less fees and expenses, to the daily price movement for shares of NVIDIA stock. NVDU was launched on Sep 13, 2023 and is issued by Direxion.