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

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down before the market opened on Thursday . The stock had previously closed at $51.83, but opened at $46.67. Direxion Daily Technology Bull 3X Shares shares last traded at $45.76, with a volume of 881,005 shares traded.

Direxion Daily Technology Bull 3X Shares Stock Down 22.5 %

The firm has a market capitalization of $1.52 billion, a P/E ratio of 28.55 and a beta of 3.56. The business’s 50 day moving average is $71.89 and its two-hundred day moving average is $85.25.

Direxion Daily Technology Bull 3X Shares Dividend Announcement

The business also recently disclosed a dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th were paid a dividend of $0.2088 per share. The ex-dividend date was Tuesday, March 25th.

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

A number of institutional investors have recently added to or reduced their stakes in TECL. SBI Securities Co. Ltd. acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the 4th quarter valued at $21,703,000. Tower Research Capital LLC TRC boosted its stake in Direxion Daily Technology Bull 3X Shares by 8,493.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 31,453 shares of the exchange traded fund’s stock valued at $2,848,000 after buying an additional 31,087 shares in the last quarter. Mariner LLC grew its holdings in Direxion Daily Technology Bull 3X Shares by 384.1% during the fourth quarter. Mariner LLC now owns 29,288 shares of the exchange traded fund’s stock worth $2,652,000 after acquiring an additional 23,238 shares during the period. Birchview Capital LP bought a new stake in Direxion Daily Technology Bull 3X Shares in the fourth quarter worth about $1,630,000. Finally, Blue Sky Capital Consultants Group Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares in the 4th quarter valued at about $1,518,000.

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.