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

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down prior to trading on Friday . The stock had previously closed at $95.35, but opened at $91.43. Direxion Daily Technology Bull 3X Shares shares last traded at $90.88, with a volume of 292,795 shares trading hands.

Direxion Daily Technology Bull 3X Shares Stock Performance

The company has a fifty day simple moving average of $87.42 and a 200 day simple moving average of $86.35. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03.

Institutional Investors Weigh In On Direxion Daily Technology Bull 3X Shares

Hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the first quarter valued at about $72,000. Farther Finance Advisors LLC increased its position in Direxion Daily Technology Bull 3X Shares by 4,000.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 943 shares of the exchange traded fund’s stock valued at $83,000 after buying an additional 920 shares in the last quarter. Valmark Advisers Inc. acquired a new position in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth approximately $201,000. Onyx Bridge Wealth Group LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth approximately $226,000. Finally, PFG Investments LLC bought a new position in Direxion Daily Technology Bull 3X Shares in the second quarter worth approximately $253,000.

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.