Direxion Daily Financial Bull 3X Shares (NYSEARCA:FAS) Shares Down 7.3% – Here’s Why

Shares of Direxion Daily Financial Bull 3X Shares (NYSEARCA:FAS) dropped 7.3% on Friday . The stock traded as low as $121.25 and last traded at $123.32. 404,750 shares traded hands during trading, a decline of 52% from the average daily volume of 842,787 shares. The stock had previously closed at $133.00.

Direxion Daily Financial Bull 3X Shares Stock Down 5.9%

The stock has a market cap of $1.92 billion, a P/E ratio of 15.11 and a beta of 3.02. The company has a 50-day simple moving average of $154.70 and a two-hundred day simple moving average of $164.09.

Direxion Daily Financial Bull 3X Shares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 17th. Shareholders of record on Wednesday, December 10th were given a dividend of $12.0949 per share. This represents a $48.38 annualized dividend and a yield of 38.6%. The ex-dividend date of this dividend was Wednesday, December 10th. This is an increase from Direxion Daily Financial Bull 3X Shares’s previous quarterly dividend of $0.39.

Hedge Funds Weigh In On Direxion Daily Financial Bull 3X Shares

Several hedge funds and other institutional investors have recently modified their holdings of FAS. Ferguson Wellman Capital Management Inc. bought a new position in shares of Direxion Daily Financial Bull 3X Shares during the third quarter valued at approximately $518,000. Insigneo Advisory Services LLC increased its position in Direxion Daily Financial Bull 3X Shares by 210.6% during the 2nd quarter. Insigneo Advisory Services LLC now owns 7,374 shares of the real estate investment trust’s stock valued at $1,243,000 after purchasing an additional 5,000 shares during the period. Avestar Capital LLC raised its holdings in Direxion Daily Financial Bull 3X Shares by 49.3% in the 2nd quarter. Avestar Capital LLC now owns 23,590 shares of the real estate investment trust’s stock worth $3,977,000 after purchasing an additional 7,792 shares in the last quarter. Rovin Capital UT ADV lifted its position in shares of Direxion Daily Financial Bull 3X Shares by 12.6% in the 2nd quarter. Rovin Capital UT ADV now owns 6,033 shares of the real estate investment trust’s stock worth $1,017,000 after purchasing an additional 675 shares during the period. Finally, IMC Chicago LLC boosted its stake in shares of Direxion Daily Financial Bull 3X Shares by 396.0% during the 3rd quarter. IMC Chicago LLC now owns 54,057 shares of the real estate investment trust’s stock valued at $9,617,000 after purchasing an additional 43,158 shares in the last quarter. 3.51% of the stock is owned by institutional investors.

Direxion Daily Financial Bull 3X Shares Company Profile

Direxion Daily Financial Bull 3x Shares seeks daily investment results of 300% of the price performance of the Russell 1000 Financial Services Index (the Index). The Index is a subset of the Russell 1000 Index that measures the performance of the securities classified in the financial services sector of the large cap United States equity market. The Fund invests in sectors, such as banks, diversified financial services, real estate investment trust, financial data and systems, asset management and custodian, securities brokerage and services, and consumer lending.