Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading 6.5% Higher – Still a Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shot up 6.5% on Tuesday . The stock traded as high as $103.00 and last traded at $102.58. 363,079 shares were traded during trading, a decline of 57% from the average session volume of 850,135 shares. The stock had previously closed at $96.31.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The business has a 50-day simple moving average of $111.79 and a two-hundred day simple moving average of $122.34.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

A number of institutional investors have recently modified their holdings of LABU. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth approximately $43,000. Dunhill Financial LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at about $46,000. Headlands Technologies LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter valued at about $68,000. B. Riley Wealth Advisors Inc. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth approximately $279,000. Finally, SG Americas Securities LLC increased its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 49.3% during the third quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock valued at $412,000 after purchasing an additional 1,057 shares during the period.

Direxion Daily S&P Biotech Bull 3x Shares Company Profile

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.