Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX) Trading 1.5% Higher – Time to Buy?

Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX) shares traded up 1.5% during trading on Thursday . The stock traded as high as $65.78 and last traded at $65.64. 481,549 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 557,475 shares. The stock had previously closed at $64.67.

Direxion Daily Energy Bull 2x Shares Stock Performance

The stock’s 50-day simple moving average is $62.12 and its two-hundred day simple moving average is $62.15. The stock has a market cap of $358.39 million, a price-to-earnings ratio of 9.05 and a beta of 0.96.

Hedge Funds Weigh In On Direxion Daily Energy Bull 2x Shares

Institutional investors and hedge funds have recently bought and sold shares of the stock. Edge Financial Advisors LLC bought a new position in Direxion Daily Energy Bull 2x Shares during the third quarter valued at about $251,000. Sanctuary Advisors LLC bought a new stake in shares of Direxion Daily Energy Bull 2x Shares in the 2nd quarter worth approximately $651,000. Squarepoint Ops LLC acquired a new stake in shares of Direxion Daily Energy Bull 2x Shares during the 2nd quarter worth approximately $782,000. Virtu Financial LLC bought a new stake in shares of Direxion Daily Energy Bull 2x Shares during the third quarter valued at approximately $846,000. Finally, DRW Securities LLC raised its stake in shares of Direxion Daily Energy Bull 2x Shares by 247.4% in the second quarter. DRW Securities LLC now owns 16,403 shares of the company’s stock valued at $1,068,000 after purchasing an additional 11,681 shares in the last quarter.

About Direxion Daily Energy Bull 2x Shares

The Direxion Daily Energy Bull 2X Shares (ERX) is an exchange-traded fund that is based on the Energy Select Sector index. The fund provides 2x leveraged exposure to a market-cap-weighted index of US large-cap companies in the energy industry. ERX was launched on Nov 6, 2008 and is managed by Direxion.