Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Sets New 52-Week High – Still a Buy?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $228.18 and last traded at $221.07, with a volume of 1012375 shares trading hands. The stock had previously closed at $224.06.

Direxion Daily Technology Bull 3X Shares Trading Up 6.6%

The company’s 50-day simple moving average is $145.76 and its 200-day simple moving average is $126.16. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 36.87 and a beta of 3.96.

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

A number of hedge funds have recently bought and sold shares of TECL. BankPlus Trust Department acquired a new stake in Direxion Daily Technology Bull 3X Shares in the fourth quarter worth $47,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Direxion Daily Technology Bull 3X Shares by 99.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock valued at $56,000 after purchasing an additional 300 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the fourth quarter valued at about $88,000. Raymond James Financial Inc. bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $94,000. Finally, Wealth Watch Advisors INC purchased a new stake in Direxion Daily Technology Bull 3X Shares during the third quarter worth about $117,000.

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.