Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX) Stock Price Up 1.9% – Should You Buy?

Direxion Daily Energy Bull 2x Shares (NYSEARCA:ERX)’s stock price rose 1.9% during trading on Wednesday . The company traded as high as $70.45 and last traded at $70.39. Approximately 321,404 shares changed hands during trading, a decline of 34% from the average daily volume of 485,394 shares. The stock had previously closed at $69.09.

Direxion Daily Energy Bull 2x Shares Price Performance

The company has a market cap of $391.10 million, a PE ratio of 9.05 and a beta of 0.96. The firm has a 50-day simple moving average of $63.08 and a two-hundred day simple moving average of $63.55.

Institutional Investors Weigh In On Direxion Daily Energy Bull 2x Shares

Several hedge funds have recently modified their holdings of ERX. Edge Financial Advisors LLC acquired a new stake in shares of Direxion Daily Energy Bull 2x Shares during the third quarter worth $251,000. Sanctuary Advisors LLC acquired a new position in Direxion Daily Energy Bull 2x Shares in the second quarter valued at $651,000. Squarepoint Ops LLC purchased a new position in Direxion Daily Energy Bull 2x Shares during the second quarter worth about $782,000. Virtu Financial LLC purchased a new position in shares of Direxion Daily Energy Bull 2x Shares during the 3rd quarter worth about $846,000. Finally, TRUE Private Wealth Advisors boosted its position in shares of Direxion Daily Energy Bull 2x Shares by 2.1% in the second quarter. TRUE Private Wealth Advisors now owns 14,860 shares of the company’s stock worth $967,000 after acquiring an additional 299 shares during 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.