Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 6.5% – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares dropped 6.5% during trading on Friday . The stock traded as low as $91.10 and last traded at $91.08. 1,019,676 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 1,380,096 shares. The stock had previously closed at $97.39.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 6.6 %

The stock’s fifty day moving average price is $98.60 and its 200-day moving average price is $117.96.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Several hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the third quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock worth $625,000 after acquiring an additional 2,735 shares during the last quarter. SG Americas Securities LLC increased its position in Direxion Daily S&P Biotech Bull 3x Shares by 6.0% in the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after purchasing an additional 193 shares during the last quarter. Foundations Investment Advisors LLC raised its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 13.0% during the 3rd quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after purchasing an additional 530 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at about $9,012,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at approximately $43,000.

About Direxion Daily S&P Biotech Bull 3x Shares

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.