Direxion Daily AVGO Bull 2X Shares (NASDAQ:AVL) Trading Up 19.6% - Should You Buy?

Key Points

• Direxion Daily AVGO Bull 2X Shares (NASDAQ: AVL) saw a significant price increase of 19.6%, reaching a last traded price of $66.18, up from a previous close of $55.35.
• The stock also announced a quarterly dividend of $0.1904, which translates to an annualized yield of 1.2%, marking an increase from the previous dividend of $0.13.
• Institutional investors have taken interest, with several firms acquiring new stakes, including Jane Street Group LLC and Bank of America Corp DE, reflecting growing confidence in the stock.

Direxion Daily AVGO Bull 2X Shares (NASDAQ:AVL - Get Free Report) shares were up 19.6% during trading on Wednesday . The company traded as high as $67.27 and last traded at $66.18. Approximately 916,243 shares changed hands during mid-day trading, an increase of 85% from the average daily volume of 496,128 shares. The stock had previously closed at $55.35.

Direxion Daily AVGO Bull 2X Shares Trading Down 2.2%

The company has a market cap of $147.39 million and a PE ratio of -3,136.00. The firm has a 50 day moving average of $46.29 and a two-hundred day moving average of $32.27.

Direxion Daily AVGO Bull 2X Shares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 24th were paid a $0.1904 dividend. This is an increase from Direxion Daily AVGO Bull 2X Shares's previous quarterly dividend of $0.13. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Tuesday, June 24th. Direxion Daily AVGO Bull 2X Shares's payout ratio is currently -2,000.00%.

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

A number of hedge funds have recently bought and sold shares of AVL. SBI Securities Co. Ltd. grew its position in Direxion Daily AVGO Bull 2X Shares by 1,843.9% during the 2nd quarter. SBI Securities Co. Ltd. now owns 797 shares of the company's stock valued at $31,000 after purchasing an additional 756 shares during the last quarter. Hollencrest Capital Management bought a new position in shares of Direxion Daily AVGO Bull 2X Shares in the first quarter worth approximately $43,000. Cresset Asset Management LLC bought a new position in shares of Direxion Daily AVGO Bull 2X Shares in the second quarter worth approximately $236,000. Prosperity Wealth Management Inc. purchased a new stake in shares of Direxion Daily AVGO Bull 2X Shares during the first quarter valued at approximately $350,000. Finally, Bank of America Corp DE bought a new stake in shares of Direxion Daily AVGO Bull 2X Shares during the fourth quarter valued at approximately $869,000. Institutional investors own 2.95% of the company's stock.

Direxion Daily AVGO Bull 2X Shares Company Profile

The Direxion Daily AVGO Bull 2X Shares (AVL) 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 Broadcom Inc stock. AVL was launched on Oct 10, 2024 and is issued by Direxion.