Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 6.8% – Time to Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price dropped 6.8% during mid-day trading on Wednesday . The stock traded as low as $146.40 and last traded at $146.69. Approximately 446,084 shares were traded during trading, a decline of 32% from the average daily volume of 651,880 shares. The stock had previously closed at $157.47.

Direxion Daily S&P Biotech Bull 3x Shares Stock Performance

The business’s 50 day moving average is $167.77 and its two-hundred day moving average is $140.45.

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

A number of hedge funds have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at approximately $26,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 68.7% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 506 shares of the company’s stock valued at $47,000 after purchasing an additional 206 shares during the period. Headlands Technologies LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at about $69,000. Covestor Ltd acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at about $71,000. Finally, SG Americas Securities LLC increased its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 21.7% during the 2nd quarter. SG Americas Securities LLC now owns 3,561 shares of the company’s stock worth $203,000 after purchasing an additional 635 shares in the last quarter.

Direxion Daily S&P Biotech Bull 3x Shares Company Profile

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.