Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Sets New 52-Week Low – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price hit a new 52-week low on Thursday . The stock traded as low as $52.75 and last traded at $59.43, with a volume of 1936691 shares changing hands. The stock had previously closed at $54.33.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The firm has a 50-day moving average price of $83.01 and a 200-day moving average price of $103.51.

Direxion Daily S&P Biotech Bull 3x Shares Dividend Announcement

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th were paid a $0.1071 dividend. The ex-dividend date of this dividend was Tuesday, March 25th.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Several institutional investors and hedge funds have recently made changes to their positions in LABU. Dunhill Financial LLC purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth about $46,000. Spire Wealth Management purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $68,000. SBI Securities Co. Ltd. bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $244,000. B. Riley Wealth Advisors Inc. purchased a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth approximately $279,000. Finally, SG Americas Securities LLC grew its position in Direxion Daily S&P Biotech Bull 3x Shares by 6.0% in the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after purchasing an additional 193 shares during the period.

About Direxion Daily S&P Biotech Bull 3x Shares

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.