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

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $218.90, but opened at $204.98. Direxion Daily Technology Bull 3X Shares shares last traded at $204.02, with a volume of 216,050 shares.

Direxion Daily Technology Bull 3X Shares Stock Down 8.9%

The stock has a market cap of $5.85 billion, a price-to-earnings ratio of 36.87 and a beta of 4.13. The stock’s fifty day moving average is $202.05 and its 200-day moving average is $159.58.

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

Institutional investors and hedge funds have recently made changes to their positions in the company. LWM Advisors Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth $254,000. Steadtrust LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the second quarter worth about $36,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the second quarter worth about $76,000. Westmount Partners LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the second quarter worth about $508,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares during the second quarter worth about $223,000.

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.