Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading 6% Higher – Time to Buy?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) were up 6% on Wednesday . The stock traded as high as $99.10 and last traded at $99.21. Approximately 286,044 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,202,121 shares. The stock had previously closed at $93.57.

Direxion Daily Technology Bull 3X Shares Stock Performance

The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03. The company has a fifty day simple moving average of $94.24 and a two-hundred day simple moving average of $88.89.

Hedge Funds Weigh In On Direxion Daily Technology Bull 3X Shares

Several hedge funds and other institutional investors have recently made changes to their positions in TECL. Sollinda Capital Management LLC bought a new position in Direxion Daily Technology Bull 3X Shares in the third quarter valued at about $20,933,000. EP Wealth Advisors LLC increased its position in Direxion Daily Technology Bull 3X Shares by 2.1% during the 3rd quarter. EP Wealth Advisors LLC now owns 52,396 shares of the exchange traded fund’s stock worth $4,586,000 after purchasing an additional 1,066 shares in the last quarter. Squarepoint Ops LLC bought a new position in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at approximately $3,956,000. Axxcess Wealth Management LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares in the third quarter valued at approximately $3,473,000. Finally, Stratos Wealth Advisors LLC grew its stake in shares of Direxion Daily Technology Bull 3X Shares by 0.9% during the third quarter. Stratos Wealth Advisors LLC now owns 24,764 shares of the exchange traded fund’s stock worth $2,168,000 after buying an additional 232 shares during the last quarter.

Direxion Daily Technology Bull 3X Shares Company Profile

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.