Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Stock Price Down 7.3% – Here’s What Happened

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) fell 7.3% during trading on Monday . The company traded as low as $180.57 and last traded at $180.57. Approximately 250,213 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 1,230,971 shares. The stock had previously closed at $194.81.

Direxion Daily Technology Bull 3X Shares Price Performance

The company has a market cap of $5.44 billion, a P/E ratio of 36.87 and a beta of 4.13. The stock’s 50-day moving average is $201.43 and its two-hundred day moving average is $161.70.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Steadtrust LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the second quarter worth $36,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Direxion Daily Technology Bull 3X Shares by 99.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock valued at $56,000 after acquiring an additional 300 shares during the period. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Direxion Daily Technology Bull 3X Shares in the second quarter worth about $76,000. Kestra Advisory Services LLC purchased a new position in Direxion Daily Technology Bull 3X Shares in the fourth quarter worth about $88,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Direxion Daily Technology Bull 3X Shares during the 2nd quarter valued at about $94,000.

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.