Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Shares Gap Down – Here’s Why

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) gapped down before the market opened on Friday. The stock had previously closed at $203.18, but opened at $181.85. Direxion Daily Technology Bull 3X ETF shares last traded at $179.8590, with a volume of 242,475 shares changing hands.

Direxion Daily Technology Bull 3X ETF Trading Down 13.7%

The stock has a 50 day moving average of $212.18 and a 200-day moving average of $170.75. The company has a market capitalization of $5.11 billion, a P/E ratio of 36.87 and a beta of 4.13.

Institutional Investors Weigh In On Direxion Daily Technology Bull 3X ETF

A number of institutional investors have recently bought and sold shares of the business. Steadtrust LLC bought a new stake in Direxion Daily Technology Bull 3X ETF during the second quarter valued at about $36,000. Allworth Financial LP bought a new position in shares of Direxion Daily Technology Bull 3X ETF in the second quarter worth about $4,568,000. PNC Financial Services Group Inc. boosted its stake in shares of Direxion Daily Technology Bull 3X ETF by 14.5% in the first quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after acquiring an additional 8,000 shares during the period. LWM Advisors Inc. bought a new position in shares of Direxion Daily Technology Bull 3X ETF in the second quarter worth about $254,000. Finally, Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Direxion Daily Technology Bull 3X ETF during the third quarter worth about $388,000.

About Direxion Daily Technology Bull 3X ETF

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.