Short Interest in Direxion Daily NVDA Bull 2X Shares (NASDAQ:NVDU) Increases By 136.7%

Key Points

• Short interest surged 136.7% in July to 440,655 shares, representing 9.6% of outstanding shares and a days-to-cover ratio of 1.3.
• NVDU shares fell 0.2% to $146.22, while trading below the 52-week high of $172.89; the fund also paid a quarterly dividend of $0.694 per share, equivalent to a 1.9% yield.
• Several institutional investors increased or initiated positions in NVDU, an ETF designed to provide 2x leveraged daily exposure to NVIDIA’s stock performance.

Direxion Daily NVDA Bull 2X Shares (NASDAQ:NVDU - ) was the recipient of a large increase in short interest during the month of July. As of July 31st, there was short interest totaling 440,655 shares, an increase of 136.7% from the July 15th total of 186,137 shares. Currently, 9.6% of the shares of the company are sold short. Based on an average daily volume of 331,698 shares, the days-to-cover ratio is presently 1.3 days.

Direxion Daily NVDA Bull 2X Shares Stock Down 0.2%

Direxion Daily NVDA Bull 2X Shares stock traded down $0.26 during mid-day trading on Friday, reaching $146.22. The company had a trading volume of 195,810 shares, compared to its average volume of 471,732. The firm has a market cap of $668.23 million, a price-to-earnings ratio of 42.98 and a beta of 3.80. The company has a 50 day moving average of $125.28 and a 200-day moving average of $122.53. Direxion Daily NVDA Bull 2X Shares has a 52 week low of $86.02 and a 52 week high of $172.89.

Direxion Daily NVDA Bull 2X Shares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 23rd were given a dividend of $0.694 per share. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $2.78 dividend on an annualized basis and a dividend yield of 1.9%.

Institutional Investors Weigh In On Direxion Daily NVDA Bull 2X Shares

A number of institutional investors have recently added to or reduced their stakes in NVDU. PNC Financial Services Group Inc. increased its stake in Direxion Daily NVDA Bull 2X Shares by 29.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,471 shares of the company's stock valued at $527,000 after acquiring an additional 1,255 shares during the period. Virtu Financial LLC lifted its position in shares of Direxion Daily NVDA Bull 2X Shares by 600.0% in the 4th quarter. Virtu Financial LLC now owns 19,859 shares of the company's stock worth $2,338,000 after acquiring an additional 17,022 shares during the period. Beacon Capital Management LLC acquired a new stake in shares of Direxion Daily NVDA Bull 2X Shares during the 4th quarter worth approximately $404,000. Ausdal Financial Partners Inc. increased its position in shares of Direxion Daily NVDA Bull 2X Shares by 20.3% during the fourth quarter. Ausdal Financial Partners Inc. now owns 4,328 shares of the company's stock valued at $509,000 after purchasing an additional 729 shares during the period. Finally, StoneX Group Inc. bought a new stake in shares of Direxion Daily NVDA Bull 2X Shares during the fourth quarter valued at approximately $264,000.

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.

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