Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Down 10.2% – Here’s What Happened

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) dropped 10.2% on Friday . The company traded as low as $225.79 and last traded at $227.26. Approximately 414,014 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 1,395,799 shares. The stock had previously closed at $253.01.

Direxion Daily Technology Bull 3X Shares Stock Performance

The stock has a market capitalization of $7.00 billion, a price-to-earnings ratio of 36.87 and a beta of 4.12. The business’s 50 day simple moving average is $159.23 and its 200-day simple moving average is $129.79.

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

Hedge funds and other institutional investors have recently made changes to their positions in the business. Gotham Asset Management LLC bought a new position in Direxion Daily Technology Bull 3X Shares in the 3rd quarter worth approximately $14,636,000. IMC Chicago LLC bought a new stake in Direxion Daily Technology Bull 3X Shares during the 4th quarter valued at $6,550,000. EP Wealth Advisors LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the 4th quarter worth $4,947,000. Virtu Financial LLC grew its stake in shares of Direxion Daily Technology Bull 3X Shares by 1,035.9% in the fourth quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock worth $3,367,000 after purchasing an additional 26,137 shares in the last quarter. Finally, Ogborne Capital Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter worth $2,937,000.

Direxion Daily Technology Bull 3X Shares 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.