Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Up – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped up prior to trading on Tuesday . The stock had previously closed at $177.86, but opened at $189.05. Direxion Daily Technology Bull 3X Shares shares last traded at $188.11, with a volume of 103,440 shares traded.

Direxion Daily Technology Bull 3X Shares Price Performance

The company’s 50-day moving average is $212.01 and its two-hundred day moving average is $149.21. The firm has a market cap of $5.55 billion, a P/E ratio of 36.87 and a beta of 4.11.

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

Several hedge funds and other institutional investors have recently made changes to their positions in TECL. Gotham Asset Management LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares during the 3rd quarter worth $14,636,000. IMC Chicago LLC bought a new position in Direxion Daily Technology Bull 3X Shares in the fourth quarter valued at about $6,550,000. EP Wealth Advisors LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the fourth quarter worth about $4,947,000. Virtu Financial LLC raised its stake in Direxion Daily Technology Bull 3X Shares by 1,035.9% during the fourth quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock worth $3,367,000 after acquiring an additional 26,137 shares in the last quarter. Finally, Ogborne Capital Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter worth about $2,937,000.

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.