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

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped up before the market opened on Thursday . The stock had previously closed at $206.15, but opened at $223.80. Direxion Daily Technology Bull 3X Shares shares last traded at $202.99, with a volume of 270,081 shares traded.

Direxion Daily Technology Bull 3X Shares Stock Performance

The firm’s 50 day moving average price is $197.04 and its two-hundred day moving average price is $140.31. The firm has a market cap of $6.50 billion, a PE 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 added to or reduced their stakes in TECL. West Michigan Advisors LLC lifted its holdings in shares of Direxion Daily Technology Bull 3X Shares by 2.0% in the 4th quarter. West Michigan Advisors LLC now owns 5,100 shares of the exchange traded fund’s stock worth $599,000 after acquiring an additional 100 shares during the last quarter. Barclays PLC increased its stake in Direxion Daily Technology Bull 3X Shares by 1.6% during the third quarter. Barclays PLC now owns 6,250 shares of the exchange traded fund’s stock worth $777,000 after purchasing an additional 100 shares during the period. Kelly Financial Services LLC increased its stake in Direxion Daily Technology Bull 3X Shares by 5.0% during the fourth quarter. Kelly Financial Services LLC now owns 2,244 shares of the exchange traded fund’s stock worth $264,000 after purchasing an additional 106 shares during the period. Millington Financial Advisors LLC lifted its position in shares of Direxion Daily Technology Bull 3X Shares by 2.7% during the fourth quarter. Millington Financial Advisors LLC now owns 4,656 shares of the exchange traded fund’s stock worth $500,000 after purchasing an additional 123 shares in the last quarter. Finally, Socha Financial Group LLC lifted its position in shares of Direxion Daily Technology Bull 3X Shares by 4.5% during the fourth quarter. Socha Financial Group LLC now owns 2,960 shares of the exchange traded fund’s stock worth $348,000 after purchasing an additional 127 shares in the last quarter.

About Direxion Daily Technology Bull 3X Shares

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.