Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Down 10.9% – Time to Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price dropped 10.9% on Thursday . The company traded as low as $149.00 and last traded at $149.11. Approximately 517,133 shares were traded during trading, a decline of 20% from the average daily volume of 648,546 shares. The stock had previously closed at $167.36.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 2.0%

The stock’s fifty day moving average price is $167.72 and its 200-day moving average price is $138.26.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 68.7% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 506 shares of the company’s stock valued at $47,000 after acquiring an additional 206 shares during the period. SBI Securities Co. Ltd. grew its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 12.8% in the 2nd quarter. SBI Securities Co. Ltd. now owns 3,388 shares of the company’s stock worth $193,000 after acquiring an additional 385 shares during the period. Covestor Ltd purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at approximately $71,000. Qube Research & Technologies Ltd purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at approximately $26,000. Finally, SG Americas Securities LLC raised its holdings in Direxion Daily S&P Biotech Bull 3x Shares by 21.7% during the second quarter. SG Americas Securities LLC now owns 3,561 shares of the company’s stock worth $203,000 after purchasing an additional 635 shares during 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.