Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Shares Gap Up – Time to Buy?

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $139.25, but opened at $151.01. Direxion Daily Technology Bull 3X ETF shares last traded at $151.3410, with a volume of 214,290 shares traded.

Direxion Daily Technology Bull 3X ETF Price Performance

The company has a market cap of $4.52 billion, a price-to-earnings ratio of 36.87 and a beta of 4.18. The stock has a 50-day moving average price of $204.71 and a 200 day moving average price of $171.97.

Institutional Trading of Direxion Daily Technology Bull 3X ETF

A number of large investors have recently bought and sold shares of TECL. PNC Financial Services Group Inc. raised its holdings in Direxion Daily Technology Bull 3X ETF by 14.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after buying an additional 8,000 shares during the period. HighTower Advisors LLC bought a new stake in Direxion Daily Technology Bull 3X ETF in the 3rd quarter valued at $5,569,000. Allworth Financial LP acquired a new position in Direxion Daily Technology Bull 3X ETF in the 2nd quarter worth $4,568,000. Steadtrust LLC bought a new stake in Direxion Daily Technology Bull 3X ETF in the 2nd quarter valued at approximately $36,000. Finally, Verus Capital Partners LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X ETF in the third quarter valued at approximately $698,000.

About Direxion Daily Technology Bull 3X ETF

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.