Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Hits New 52-Week Low – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $52.75 and last traded at $59.43, with a volume of 1936691 shares trading hands. The stock had previously closed at $54.33.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 17.1 %

The stock’s 50 day moving average price is $81.13 and its 200 day moving average price is $102.51.

Direxion Daily S&P Biotech Bull 3x Shares Dividend Announcement

The business also recently declared a dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th were given a dividend of $0.1071 per share. The ex-dividend date of this dividend was Tuesday, March 25th.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

A number of hedge funds have recently made changes to their positions in LABU. JPMorgan Chase & Co. lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock valued at $625,000 after purchasing an additional 2,735 shares in the last quarter. SG Americas Securities LLC grew its stake in Direxion Daily S&P Biotech Bull 3x Shares by 6.0% during the fourth quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after buying an additional 193 shares during the period. Tidal Investments LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth $9,012,000. SBI Securities Co. Ltd. purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 4th quarter valued at $244,000. Finally, Virtu Financial LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $3,043,000.

About Direxion Daily S&P Biotech Bull 3x Shares

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.