Direxion Daily Dow Jones Internet Bull 3x Shares (NYSEARCA:WEBL) Trading 1.9% Higher – Still a Buy?

Direxion Daily Dow Jones Internet Bull 3x Shares (NYSEARCA:WEBL) traded up 1.9% during trading on Wednesday . The company traded as high as $24.46 and last traded at $24.20. 305,976 shares were traded during mid-day trading, a decline of 13% from the average session volume of 353,414 shares. The stock had previously closed at $23.75.

Direxion Daily Dow Jones Internet Bull 3x Shares Trading Up 1.9%

The stock has a market capitalization of $117.37 million, a price-to-earnings ratio of 26.56 and a beta of 3.55. The stock’s 50 day moving average is $19.12 and its 200 day moving average is $24.84.

Institutional Investors Weigh In On Direxion Daily Dow Jones Internet Bull 3x Shares

Hedge funds have recently modified their holdings of the company. Jane Street Group LLC purchased a new position in Direxion Daily Dow Jones Internet Bull 3x Shares in the second quarter valued at approximately $526,000. Two Sigma Securities LLC purchased a new position in Direxion Daily Dow Jones Internet Bull 3x Shares in the second quarter valued at approximately $396,000. Tower Research Capital LLC TRC purchased a new position in Direxion Daily Dow Jones Internet Bull 3x Shares in the second quarter valued at approximately $324,000. Group One Trading LLC raised its stake in shares of Direxion Daily Dow Jones Internet Bull 3x Shares by 229.4% during the third quarter. Group One Trading LLC now owns 929 shares of the company’s stock valued at $30,000 after purchasing an additional 647 shares during the period. Finally, Qube Research & Technologies Ltd raised its stake in shares of Direxion Daily Dow Jones Internet Bull 3x Shares by 96.6% during the third quarter. Qube Research & Technologies Ltd now owns 1,158 shares of the company’s stock valued at $37,000 after purchasing an additional 569 shares during the period.

About Direxion Daily Dow Jones Internet Bull 3x Shares

The Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL) is an exchange-traded fund that is based on the DJ Internet Composite index. The fund provides 3x leveraged daily exposure to a market-cap-weighted index of the largest and most liquid U.S. Internet companies. WEBL was launched on Nov 7, 2019 and is managed by Direxion.