Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL) Hits New 52-Week High – Still a Buy?

Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $302.21 and last traded at $302.05, with a volume of 483831 shares changing hands. The stock had previously closed at $295.42.

Direxion Daily S&P 500 Bull 3x Shares Trading Up 1.6%

The stock’s fifty day moving average price is $271.28 and its 200-day moving average price is $243.61. The firm has a market cap of $7.52 billion, a price-to-earnings ratio of 25.10 and a beta of 3.02.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bull 3x Shares

A number of hedge funds and other institutional investors have recently bought and sold shares of SPXL. Goldman Sachs Group Inc. boosted its holdings in shares of Direxion Daily S&P 500 Bull 3x Shares by 389.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 125,668 shares of the company’s stock valued at $17,643,000 after purchasing an additional 100,000 shares during the last quarter. Group One Trading LLC increased its holdings in shares of Direxion Daily S&P 500 Bull 3x Shares by 1,181.5% during the 2nd quarter. Group One Trading LLC now owns 45,492 shares of the company’s stock worth $7,894,000 after buying an additional 41,942 shares during the last quarter. Gainplan LLC acquired a new stake in shares of Direxion Daily S&P 500 Bull 3x Shares during the 2nd quarter worth $10,055,000. Corient Private Wealth LLC raised its position in shares of Direxion Daily S&P 500 Bull 3x Shares by 336.7% in the 2nd quarter. Corient Private Wealth LLC now owns 31,400 shares of the company’s stock worth $5,449,000 after buying an additional 24,210 shares during the period. Finally, JPMorgan Chase & Co. purchased a new position in shares of Direxion Daily S&P 500 Bull 3x Shares in the 2nd quarter worth $3,932,000.

Direxion Daily S&P 500 Bull 3x Shares Company Profile

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.