Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Up – Should You Buy?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $206.15, but opened at $223.80. Direxion Daily Technology Bull 3X Shares shares last traded at $202.99, with a volume of 270,081 shares changing hands.

Direxion Daily Technology Bull 3X Shares Stock Performance

The stock’s 50-day moving average is $193.68 and its 200 day moving average is $139.35. The stock has a market capitalization of $6.77 billion, a PE ratio of 36.87 and a beta of 4.12.

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

Several hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Direxion Daily Technology Bull 3X Shares by 14.5% during the first quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after purchasing an additional 8,000 shares in the last quarter. Halbert Hargrove Global Advisors LLC acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 1st quarter valued at about $346,000. Virtu Financial LLC boosted its position in shares of Direxion Daily Technology Bull 3X Shares by 1,035.9% in the 4th quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock valued at $3,367,000 after purchasing an additional 26,137 shares during the period. Kovitz Investment Group Partners LLC grew its stake in Direxion Daily Technology Bull 3X Shares by 154.9% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 6,006 shares of the exchange traded fund’s stock worth $706,000 after buying an additional 3,650 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in Direxion Daily Technology Bull 3X Shares by 2.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 5,245 shares of the exchange traded fund’s stock worth $616,000 after buying an additional 130 shares during the last quarter.

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.