Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 6.8% – Here’s Why

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) were down 6.8% during trading on Thursday . The stock traded as low as $83.10 and last traded at $84.24. Approximately 270,899 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 1,481,703 shares. The stock had previously closed at $90.34.

Direxion Daily Technology Bull 3X Shares Trading Up 0.3%

The company has a market capitalization of $3.05 billion, a PE ratio of 36.87 and a beta of 3.66. The firm’s 50-day simple moving average is $103.60 and its 200-day simple moving average is $117.69.

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

Institutional investors and hedge funds have recently bought and sold shares of the company. West Michigan Advisors LLC increased its stake in shares of Direxion Daily Technology Bull 3X Shares by 2.0% during the fourth quarter. West Michigan Advisors LLC now owns 5,100 shares of the exchange traded fund’s stock valued at $599,000 after buying an additional 100 shares during the period. Barclays PLC boosted its holdings in shares of Direxion Daily Technology Bull 3X Shares by 1.6% in the 3rd quarter. Barclays PLC now owns 6,250 shares of the exchange traded fund’s stock valued at $777,000 after buying an additional 100 shares in the last quarter. Kelly Financial Services LLC grew its position in shares of Direxion Daily Technology Bull 3X Shares by 5.0% in the 4th quarter. Kelly Financial Services LLC now owns 2,244 shares of the exchange traded fund’s stock worth $264,000 after buying an additional 106 shares during the last quarter. Millington Financial Advisors LLC raised its stake in shares of Direxion Daily Technology Bull 3X Shares by 2.7% during the 4th quarter. Millington Financial Advisors LLC now owns 4,656 shares of the exchange traded fund’s stock worth $500,000 after acquiring an additional 123 shares in the last quarter. Finally, Socha Financial Group LLC lifted its position in Direxion Daily Technology Bull 3X Shares by 4.5% during the fourth quarter. Socha Financial Group LLC now owns 2,960 shares of the exchange traded fund’s stock valued at $348,000 after acquiring an additional 127 shares during the last quarter.

About Direxion Daily Technology Bull 3X Shares

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.