Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Shares Down 9.8% – Should You Sell?

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL)’s stock price was down 9.8% during mid-day trading on Friday. The stock traded as low as $135.59 and last traded at $136.1690. 338,256 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 1,085,113 shares. The stock had previously closed at $150.95.

Direxion Daily Technology Bull 3X ETF Stock Performance

The firm has a fifty day simple moving average of $203.02 and a 200 day simple moving average of $172.29. The company has a market capitalization of $4.15 billion, a PE ratio of 33.07 and a beta of 4.18.

Hedge Funds Weigh In On Direxion Daily Technology Bull 3X ETF

Hedge funds and other institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC bought a new stake in shares of Direxion Daily Technology Bull 3X ETF in the third quarter valued at about $5,569,000. Allworth Financial LP bought a new position in Direxion Daily Technology Bull 3X ETF during the 2nd quarter worth about $4,568,000. Steadtrust LLC bought a new position in Direxion Daily Technology Bull 3X ETF during the 2nd quarter worth about $36,000. PNC Financial Services Group Inc. increased its position in Direxion Daily Technology Bull 3X ETF by 14.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock valued at $5,454,000 after purchasing an additional 8,000 shares during the period. Finally, Verus Capital Partners LLC purchased a new position in Direxion Daily Technology Bull 3X ETF during the 3rd quarter valued at about $698,000.

Direxion Daily Technology Bull 3X ETF 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.