Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Down 6.5% – Should You Sell?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) were down 6.5% on Monday . The stock traded as low as $79.39 and last traded at $80.45. Approximately 548,346 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,311,402 shares. The stock had previously closed at $86.01.

Direxion Daily Technology Bull 3X Shares Stock Down 2.4 %

The company has a market capitalization of $3.56 billion, a P/E ratio of 50.15 and a beta of 4.03. The business has a 50 day simple moving average of $94.02 and a 200-day simple moving average of $88.01.

Institutional Investors Weigh In On Direxion Daily Technology Bull 3X Shares

Several large investors have recently made changes to their positions in the company. GFG Capital LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares during the fourth quarter valued at about $216,000. Oxinas Partners Wealth Management LLC increased its stake in Direxion Daily Technology Bull 3X Shares by 22.0% during the 4th quarter. Oxinas Partners Wealth Management LLC now owns 23,304 shares of the exchange traded fund’s stock valued at $2,110,000 after buying an additional 4,205 shares during the period. Merit Financial Group LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth approximately $275,000. Rovin Capital UT ADV boosted its holdings in shares of Direxion Daily Technology Bull 3X Shares by 2.6% in the fourth quarter. Rovin Capital UT ADV now owns 12,103 shares of the exchange traded fund’s stock valued at $1,096,000 after acquiring an additional 306 shares in the last quarter. Finally, Barclays PLC increased its stake in shares of Direxion Daily Technology Bull 3X Shares by 28.9% during the third quarter. Barclays PLC now owns 7,345 shares of the exchange traded fund’s stock valued at $643,000 after acquiring an additional 1,645 shares during the period.

About Direxion Daily Technology Bull 3X Shares

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.