Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Shares Down 17.3% – Should You Sell?

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) shares traded down 17.3% during trading on Thursday. The company traded as low as $136.04 and last traded at $135.4350. 691,836 shares were traded during mid-day trading, a decline of 36% from the average session volume of 1,075,781 shares. The stock had previously closed at $163.69.

Direxion Daily Technology Bull 3X ETF Stock Performance

The stock has a market capitalization of $3.75 billion, a P/E ratio of 36.87 and a beta of 4.18. The company’s fifty day simple moving average is $207.12 and its two-hundred day simple moving average is $171.72.

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

Large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its stake in Direxion Daily Technology Bull 3X ETF by 14.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock valued at $5,454,000 after purchasing an additional 8,000 shares during the period. Allworth Financial LP bought a new position in Direxion Daily Technology Bull 3X ETF during the 2nd quarter worth $4,568,000. Verus Capital Partners LLC bought a new position in Direxion Daily Technology Bull 3X ETF during the 3rd quarter worth $698,000. StoneX Group Inc. acquired a new stake in shares of Direxion Daily Technology Bull 3X ETF during the third quarter worth $577,000. Finally, Valmark Advisers Inc. acquired a new stake in shares of Direxion Daily Technology Bull 3X ETF during the third quarter worth $521,000.

About Direxion Daily Technology Bull 3X ETF

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.