Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) Stock Price Down 6.9% – Time to Sell?

Shares of Direxion Daily S&P Biotech Bull 3X ETF (NYSEARCA:LABU) fell 6.9% on Monday. The company traded as low as $233.19 and last traded at $230.1310. Approximately 120,641 shares changed hands during trading, a decline of 77% from the average daily volume of 534,939 shares. The stock had previously closed at $247.22.

Direxion Daily S&P Biotech Bull 3X ETF Stock Performance

The firm has a 50 day moving average of $258.08 and a 200-day moving average of $217.07.

Institutional Trading of Direxion Daily S&P Biotech Bull 3X ETF

Institutional investors have recently modified their holdings of the company. Revere Asset Management Inc acquired a new position in shares of Direxion Daily S&P Biotech Bull 3X ETF in the second quarter valued at $666,000. Valued Retirements Inc. bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the second quarter worth $454,000. Halbert Hargrove Global Advisors LLC bought a new position in Direxion Daily S&P Biotech Bull 3X ETF in the third quarter worth $266,000. StoneX Group Inc. acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the third quarter worth $241,000. Finally, Ramsey Quantitative Systems acquired a new stake in Direxion Daily S&P Biotech Bull 3X ETF during the second quarter worth $41,000.

Direxion Daily S&P Biotech Bull 3X ETF 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.