Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Down – Should You Sell?

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down prior to trading on Thursday . The stock had previously closed at $265.10, but opened at $245.93. Direxion Daily Technology Bull 3X Shares shares last traded at $242.77, with a volume of 368,085 shares traded.

Direxion Daily Technology Bull 3X Shares Stock Down 19.9%

The company’s 50-day moving average is $161.38 and its two-hundred day moving average is $130.30. The company has a market capitalization of $6.61 billion, a P/E ratio of 36.87 and a beta of 4.12.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Stonebridge Financial Group LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter worth approximately $1,126,000. IMC Chicago LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter worth approximately $6,550,000. X Square Capital LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the third quarter worth approximately $2,550,000. Flow Traders U.S. LLC boosted its stake in Direxion Daily Technology Bull 3X Shares by 102.6% in the third quarter. Flow Traders U.S. LLC now owns 35,840 shares of the exchange traded fund’s stock worth $4,457,000 after buying an additional 18,150 shares in the last quarter. Finally, Burney Co. boosted its stake in Direxion Daily Technology Bull 3X Shares by 6.2% in the fourth quarter. Burney Co. now owns 3,429 shares of the exchange traded fund’s stock worth $403,000 after buying an additional 200 shares in 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.