Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Up 4% – Should You Buy?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares shot up 4% on Monday . The stock traded as high as $96.48 and last traded at $96.48. 177,444 shares changed hands during trading, a decline of 91% from the average session volume of 1,969,518 shares. The stock had previously closed at $92.74.

Direxion Daily Technology Bull 3X Shares Stock Up 3.6 %

The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03. The business’s 50 day simple moving average is $80.71 and its 200-day simple moving average is $83.37.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the first quarter worth about $72,000. Valmark Advisers Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares in the second quarter valued at approximately $201,000. Onyx Bridge Wealth Group LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares during the second quarter worth $226,000. PFG Investments LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the second quarter worth $253,000. Finally, Kingswood Wealth Advisors LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at $271,000.

About Direxion Daily Technology Bull 3X Shares

The Direxion Daily Technology Bull 3X Shares (TECL) is an exchange-traded fund that is based on the Technology Select Sector index. The fund provides 3x leveraged exposure to a market-cap weighted index of US large-cap technology companies. TECL was launched on Dec 17, 2008 and is managed by Direxion.