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

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down before the market opened on Tuesday . The stock had previously closed at $203.43, but opened at $194.20. Direxion Daily Technology Bull 3X Shares shares last traded at $193.97, with a volume of 128,018 shares traded.

Direxion Daily Technology Bull 3X Shares Stock Performance

The stock has a 50-day moving average of $197.28 and a 200-day moving average of $165.51. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 36.87 and a beta of 4.13.

Institutional Trading of Direxion Daily Technology Bull 3X Shares

A number of hedge funds and other institutional investors have recently made changes to their positions in TECL. Ogborne Capital Management LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the fourth quarter worth $2,937,000. Halbert Hargrove Global Advisors LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares in the 1st quarter valued at $346,000. PNC Financial Services Group Inc. lifted its position in Direxion Daily Technology Bull 3X Shares by 14.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after buying an additional 8,000 shares in the last quarter. Steadtrust LLC bought a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $36,000. Finally, Virtu Financial LLC boosted its stake in shares of Direxion Daily Technology Bull 3X Shares by 1,035.9% during the 4th quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock worth $3,367,000 after buying an additional 26,137 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.