Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU) Shares Gap Down – What’s Next?

Direxion Daily MSCI South Korea Bull 3X ETF (NYSEARCA:KORU)’s stock price gapped down before the market opened on Wednesday. The stock had previously closed at $21.01, but opened at $19.60. Direxion Daily MSCI South Korea Bull 3X ETF shares last traded at $19.3780, with a volume of 9,725,463 shares trading hands.

Direxion Daily MSCI South Korea Bull 3X ETF Stock Down 12.0%

The company’s 50 day simple moving average is $20.32 and its two-hundred day simple moving average is $27.45. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 9.42 and a beta of 4.59.

Institutional Trading of Direxion Daily MSCI South Korea Bull 3X ETF

A number of institutional investors have recently made changes to their positions in KORU. NWI Management LP purchased a new position in Direxion Daily MSCI South Korea Bull 3X ETF during the 1st quarter worth $3,566,000. Hoey Investments Inc. acquired a new stake in Direxion Daily MSCI South Korea Bull 3X ETF in the first quarter worth about $43,000. Finally, Farther Finance Advisors LLC boosted its holdings in Direxion Daily MSCI South Korea Bull 3X ETF by 1,900.0% in the third quarter. Farther Finance Advisors LLC now owns 1,520 shares of the company’s stock worth $30,000 after acquiring an additional 1,444 shares in the last quarter.

About Direxion Daily MSCI South Korea Bull 3X ETF

The Direxion Daily South Korea Bull 3X Shares (KORU) is an exchange-traded fund that is based on the MSCI Korea 25-50 index. The fund provides 300% daily leveraged exposure to a market-cap-weighted index of large- and mid-cap South Korean companies. KORU was launched on Apr 11, 2013 and is managed by Direxion.