Short Interest in Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) Declines By 45.5%

Direxion Daily Magnificent 7 Bull 2X Shares (NYSEARCA:QQQU) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totaling 16,277 shares, a drop of 45.5% from the June 15th total of 29,870 shares. Currently, 1.3% of the shares of the company are sold short. Based on an average daily trading volume, of 68,397 shares, the short-interest ratio is currently 0.2 days.

Direxion Daily Magnificent 7 Bull 2X Shares Trading Down 3.6%

Shares of NYSEARCA:QQQU traded down $2.08 on Friday, hitting $55.10. 58,572 shares of the company were exchanged, compared to its average volume of 79,455. The firm has a market capitalization of $71.63 million, a P/E ratio of 34.65 and a beta of 3.09. Direxion Daily Magnificent 7 Bull 2X Shares has a 1-year low of $38.42 and a 1-year high of $66.97. The stock’s 50 day moving average price is $56.17 and its 200 day moving average price is $52.80.

Institutional Trading of Direxion Daily Magnificent 7 Bull 2X Shares

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

About Direxion Daily Magnificent 7 Bull 2X Shares

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.