Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Stock Price Down 11.6% – What’s Next?

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) dropped 11.6% during mid-day trading on Thursday . The stock traded as low as $115.19 and last traded at $114.0260. Approximately 1,063,263 shares were traded during trading, an increase of 7% from the average daily volume of 996,286 shares. The stock had previously closed at $129.00.

Direxion Daily Technology Bull 3X Shares Price Performance

The stock has a market cap of $3.88 billion, a price-to-earnings ratio of 36.87 and a beta of 3.66. The business’s fifty day simple moving average is $121.70 and its 200 day simple moving average is $118.29.

Direxion Daily Technology Bull 3X Shares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 17th. Investors of record on Wednesday, December 10th were given a dividend of $8.0376 per share. This represents a $32.15 dividend on an annualized basis and a dividend yield of 27.9%. The ex-dividend date of this dividend was Wednesday, December 10th.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of TECL. Gotham Asset Management LLC bought a new stake in Direxion Daily Technology Bull 3X Shares in the third quarter valued at $14,636,000. IMC Chicago LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth about $6,550,000. Tower Research Capital LLC TRC bought a new stake in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at about $2,299,000. Modern Wealth Management LLC bought a new stake in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at about $2,279,000. Finally, Jump Financial LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the 2nd quarter valued at about $1,963,000.

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.