Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Sees Strong Trading Volume – Time to Buy?

Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) shares saw an uptick in trading volume on Friday . 4,634,813 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 4,709,137 shares.The stock last traded at $163.44 and had previously closed at $170.97.

Direxion Daily S&P 500 Bull 3X Stock Down 4.6 %

The stock has a 50 day moving average of $177.94 and a 200 day moving average of $162.08. The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of 33.36 and a beta of 2.99.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SPXL. IMC Chicago LLC bought a new position in Direxion Daily S&P 500 Bull 3X in the 3rd quarter valued at about $57,721,000. Quadrature Capital Ltd purchased a new position in Direxion Daily S&P 500 Bull 3X during the 3rd quarter worth $29,479,000. Virtu Financial LLC bought a new stake in shares of Direxion Daily S&P 500 Bull 3X in the 2nd quarter worth $6,555,000. Flow Traders U.S. LLC purchased a new stake in shares of Direxion Daily S&P 500 Bull 3X in the third quarter valued at about $5,453,000. Finally, Smithfield Trust Co bought a new position in shares of Direxion Daily S&P 500 Bull 3X during the third quarter valued at about $4,506,000.

About Direxion Daily S&P 500 Bull 3X

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.