Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Down – Here’s What Happened

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down before the market opened on Friday . The stock had previously closed at $95.35, but opened at $91.43. Direxion Daily Technology Bull 3X Shares shares last traded at $90.88, with a volume of 292,795 shares.

Direxion Daily Technology Bull 3X Shares Price Performance

The business has a 50 day moving average of $87.42 and a 200 day moving average of $86.35. The firm has a market capitalization of $3.74 billion, a price-to-earnings ratio of 50.15 and a beta of 4.03.

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

Several institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the first quarter worth approximately $72,000. Farther Finance Advisors LLC lifted its stake in shares of Direxion Daily Technology Bull 3X Shares by 4,000.0% during the third quarter. Farther Finance Advisors LLC now owns 943 shares of the exchange traded fund’s stock valued at $83,000 after acquiring an additional 920 shares during the period. Valmark Advisers Inc. bought a new position in Direxion Daily Technology Bull 3X Shares in the second quarter valued at about $201,000. Onyx Bridge Wealth Group LLC bought a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $226,000. Finally, Socha Financial Group LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 3rd quarter worth $243,000.

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.