Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Up – Time to Buy?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares gapped up prior to trading on Wednesday . The stock had previously closed at $95.13, but opened at $106.96. Direxion Daily Technology Bull 3X Shares shares last traded at $104.67, with a volume of 663,504 shares changing hands.

Direxion Daily Technology Bull 3X Shares Stock Up 10.0%

The company has a 50 day simple moving average of $101.38 and a 200-day simple moving average of $117.11. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of 36.87 and a beta of 3.69.

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

Several institutional investors have recently added to or reduced their stakes in TECL. Virtu Financial LLC raised its position in shares of Direxion Daily Technology Bull 3X Shares by 1,035.9% during the fourth 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 during the period. Kovitz Investment Group Partners LLC raised its position in shares of Direxion Daily Technology Bull 3X Shares by 154.9% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 6,006 shares of the exchange traded fund’s stock worth $706,000 after purchasing an additional 3,650 shares during the period. Mercer Global Advisors Inc. ADV raised its position in shares of Direxion Daily Technology Bull 3X Shares by 2.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 5,245 shares of the exchange traded fund’s stock worth $616,000 after purchasing an additional 130 shares during the period. Onyx Bridge Wealth Group LLC raised its position in shares of Direxion Daily Technology Bull 3X Shares by 7.1% during the fourth quarter. Onyx Bridge Wealth Group LLC now owns 2,500 shares of the exchange traded fund’s stock worth $294,000 after purchasing an additional 165 shares during the period. Finally, EP Wealth Advisors LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the fourth quarter worth approximately $4,947,000.

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.