Direxion Daily FTSE China Bull 3X ETF (NYSEARCA:YINN) Shares Gap Down – Time to Sell?

Direxion Daily FTSE China Bull 3X ETF (NYSEARCA:YINN) gapped down before the market opened on Wednesday. The stock had previously closed at $25.19, but opened at $24.28. Direxion Daily FTSE China Bull 3X ETF shares last traded at $24.1570, with a volume of 600,669 shares trading hands.

Direxion Daily FTSE China Bull 3X ETF Price Performance

The stock has a market cap of $599.93 million, a P/E ratio of 8.49 and a beta of 0.97. The company has a fifty day moving average of $25.06 and a 200 day moving average of $30.99.

Institutional Trading of Direxion Daily FTSE China Bull 3X ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Group One Trading LLC bought a new stake in Direxion Daily FTSE China Bull 3X ETF in the first quarter worth about $1,266,000. IMC Chicago LLC acquired a new position in shares of Direxion Daily FTSE China Bull 3X ETF in the 1st quarter worth approximately $560,000. SBI Securities Co. Ltd. raised its holdings in shares of Direxion Daily FTSE China Bull 3X ETF by 28.9% in the 3rd quarter. SBI Securities Co. Ltd. now owns 7,595 shares of the exchange traded fund’s stock worth $189,000 after purchasing an additional 1,705 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Direxion Daily FTSE China Bull 3X ETF by 25.2% in the 3rd quarter. Parallel Advisors LLC now owns 7,100 shares of the exchange traded fund’s stock worth $177,000 after purchasing an additional 1,430 shares in the last quarter.

About Direxion Daily FTSE China Bull 3X ETF

Direxion Daily China Bull 3x Shares ETF (the Fund) seeks daily investment results of 300% of the price performance of the BNY China Select ADR Index (the China Index). The China Index is a free float-adjusted capitalization-weighted index designed by the Bank of New York to track the performance of a basket of companies who have their primary equity listing on a stock exchange in China and which also have depositary receipts that trade on a United States exchange or on the National Association of Securities and Dealers Automated Quotation.