Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Trading Down 16.4% – Here’s Why

Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL)’s share price traded down 16.4% on Thursday . The stock traded as low as $104.06 and last traded at $102.54. 7,122,945 shares were traded during mid-day trading, an increase of 65% from the average session volume of 4,319,697 shares. The stock had previously closed at $122.60.

Direxion Daily S&P 500 Bull 3X Price Performance

The business has a 50-day moving average price of $154.71 and a two-hundred day moving average price of $167.28. The firm has a market cap of $3.17 billion, a PE ratio of 22.84 and a beta of 3.03.

Direxion Daily S&P 500 Bull 3X Increases Dividend

The company also recently declared a dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th were issued a dividend of $0.4935 per share. The ex-dividend date was Tuesday, March 25th. This is an increase from Direxion Daily S&P 500 Bull 3X’s previous dividend of $0.19.

Institutional Trading of Direxion Daily S&P 500 Bull 3X

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. purchased a new position in Direxion Daily S&P 500 Bull 3X in the fourth quarter valued at about $34,000. Park Square Financial Group LLC purchased a new stake in shares of Direxion Daily S&P 500 Bull 3X during the fourth quarter worth about $51,000. IFP Advisors Inc acquired a new position in shares of Direxion Daily S&P 500 Bull 3X in the fourth quarter worth about $67,000. Bank of America Corp DE boosted its holdings in Direxion Daily S&P 500 Bull 3X by 14.6% in the fourth quarter. Bank of America Corp DE now owns 472 shares of the company’s stock valued at $80,000 after purchasing an additional 60 shares during the last quarter. Finally, PayPay Securities Corp grew its stake in Direxion Daily S&P 500 Bull 3X by 55.4% during the 4th quarter. PayPay Securities Corp now owns 564 shares of the company’s stock valued at $95,000 after purchasing an additional 201 shares in the last quarter.

Direxion Daily S&P 500 Bull 3X Company Profile

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification.