Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 6.4% – Time to Sell?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s stock price dropped 6.4% during mid-day trading on Tuesday . The stock traded as low as $221.64 and last traded at $223.80. Approximately 583,308 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 1,421,865 shares. The stock had previously closed at $239.21.

Direxion Daily Technology Bull 3X Shares Trading Down 5.2%

The company has a 50-day moving average price of $176.54 and a two-hundred day moving average price of $134.50. The stock has a market cap of $7.40 billion, a P/E ratio of 36.87 and a beta of 4.12.

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

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Gotham Asset Management LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 3rd quarter worth about $14,636,000. PNC Financial Services Group Inc. lifted its stake in Direxion Daily Technology Bull 3X Shares by 14.5% in the first quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after purchasing an additional 8,000 shares during the last quarter. IMC Chicago LLC bought a new stake in Direxion Daily Technology Bull 3X Shares in the fourth quarter worth about $6,550,000. Mariner LLC boosted its position in shares of Direxion Daily Technology Bull 3X Shares by 5.3% during the fourth quarter. Mariner LLC now owns 45,805 shares of the exchange traded fund’s stock valued at $5,382,000 after buying an additional 2,295 shares during the period. Finally, EP Wealth Advisors LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the fourth quarter valued at approximately $4,947,000.

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.