Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 3.9% – Should You Sell?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s share price traded down 3.9% during trading on Friday . The company traded as low as $96.59 and last traded at $96.97. 292,906 shares traded hands during trading, a decline of 84% from the average session volume of 1,778,637 shares. The stock had previously closed at $100.91.

Direxion Daily Technology Bull 3X Shares Stock Performance

The business has a 50 day simple moving average of $94.49 and a 200-day simple moving average of $89.99. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03.

Institutional Trading of Direxion Daily Technology Bull 3X Shares

A number of hedge funds and other institutional investors have recently made changes to their positions in TECL. Farther Finance Advisors LLC increased its stake in Direxion Daily Technology Bull 3X Shares by 4,000.0% during the third quarter. Farther Finance Advisors LLC now owns 943 shares of the exchange traded fund’s stock worth $83,000 after acquiring an additional 920 shares during the last quarter. Valmark Advisers Inc. purchased a new stake in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at about $201,000. Headlands Technologies LLC boosted its stake in Direxion Daily Technology Bull 3X Shares by 169.4% during the second quarter. Headlands Technologies LLC now owns 2,427 shares of the exchange traded fund’s stock worth $236,000 after buying an additional 1,526 shares during the period. Socha Financial Group LLC purchased a new position in Direxion Daily Technology Bull 3X Shares during the third quarter worth about $243,000. Finally, PFG Investments LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $253,000.

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.