Direxion Daily S&P 500 Bull 3X ETF (NYSEARCA:SPXL) Stock Price Breaks Below Two Hundred Day Moving Average – What’s Next?

Direxion Daily S&P 500 Bull 3X ETF (NYSEARCA:SPXL) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $255.86 and traded as low as $244.29. Direxion Daily S&P 500 Bull 3X ETF shares last traded at $244.98, with a volume of 5,103,603 shares.

Direxion Daily S&P 500 Bull 3X ETF Price Performance

The company has a market cap of $6.04 billion, a P/E ratio of 25.10 and a beta of 3.02. The company’s 50-day moving average is $284.70 and its two-hundred day moving average is $255.86.

Institutional Investors Weigh In On Direxion Daily S&P 500 Bull 3X ETF

Hedge funds have recently added to or reduced their stakes in the stock. Insight Wealth Partners LLC lifted its stake in shares of Direxion Daily S&P 500 Bull 3X ETF by 78.8% in the 2nd quarter. Insight Wealth Partners LLC now owns 176,249 shares of the company’s stock worth $47,705,000 after purchasing an additional 77,660 shares during the period. Succession Financial Inc. bought a new stake in shares of Direxion Daily S&P 500 Bull 3X ETF during the 2nd quarter valued at $39,344,000. Gainplan LLC bought a new stake in shares of Direxion Daily S&P 500 Bull 3X ETF during the 2nd quarter valued at $10,055,000. J. Safra Sarasin Holding AG grew its position in shares of Direxion Daily S&P 500 Bull 3X ETF by 82.0% during the 1st quarter. J. Safra Sarasin Holding AG now owns 36,400 shares of the company’s stock valued at $6,730,000 after acquiring an additional 16,400 shares during the period. Finally, Optiver Holding B.V. increased its stake in shares of Direxion Daily S&P 500 Bull 3X ETF by 88.1% in the 1st quarter. Optiver Holding B.V. now owns 31,380 shares of the company’s stock worth $5,802,000 after purchasing an additional 14,700 shares in the last quarter.

About Direxion Daily S&P 500 Bull 3X ETF

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.