Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 7.8% – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares dropped 7.8% on Thursday . The company traded as low as $83.32 and last traded at $83.58. Approximately 484,238 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,901,997 shares. The stock had previously closed at $90.66.

Direxion Daily Technology Bull 3X Shares Price Performance

The firm’s 50 day simple moving average is $84.81 and its 200-day simple moving average is $84.58. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECL. Rovin Capital UT ADV grew its position in Direxion Daily Technology Bull 3X Shares by 23.3% during the 3rd quarter. Rovin Capital UT ADV now owns 11,797 shares of the exchange traded fund’s stock worth $1,033,000 after purchasing an additional 2,233 shares during the last quarter. Socha Financial Group LLC purchased a new position in shares of Direxion Daily Technology Bull 3X Shares during the third quarter worth about $243,000. Sollinda Capital Management LLC purchased a new position in shares of Direxion Daily Technology Bull 3X Shares during the third quarter worth about $20,933,000. Farther Finance Advisors LLC increased its position in Direxion Daily Technology Bull 3X Shares by 4,000.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 943 shares of the exchange traded fund’s stock valued at $83,000 after acquiring an additional 920 shares during the period. Finally, Stratos Wealth Advisors LLC raised its stake in Direxion Daily Technology Bull 3X Shares by 0.9% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 24,764 shares of the exchange traded fund’s stock valued at $2,168,000 after acquiring 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.