Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 6.6% – Time to Sell?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) traded down 6.6% during mid-day trading on Friday . The company traded as low as $194.40 and last traded at $196.82. Approximately 157,682 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 1,394,401 shares. The stock had previously closed at $210.65.

Direxion Daily Technology Bull 3X Shares Trading Down 5.5%

The firm has a market cap of $6.50 billion, a price-to-earnings ratio of 36.87 and a beta of 4.12. The stock has a 50-day moving average of $197.04 and a 200-day moving average of $140.31.

Institutional Trading of Direxion Daily Technology Bull 3X Shares

A number of institutional investors have recently made changes to their positions in TECL. Gotham Asset Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the 3rd quarter valued at about $14,636,000. IMC Chicago LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth approximately $6,550,000. EP Wealth Advisors LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth approximately $4,947,000. Virtu Financial LLC raised its holdings in shares of Direxion Daily Technology Bull 3X Shares by 1,035.9% in the 4th quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock worth $3,367,000 after purchasing an additional 26,137 shares in the last quarter. Finally, Ogborne Capital Management LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the fourth quarter valued at approximately $2,937,000.

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.