Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Stock Price Down 9.8% – Should You Sell?

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) dropped 9.8% during mid-day trading on Friday. The company traded as low as $135.59 and last traded at $136.1690. Approximately 338,256 shares changed hands during trading, a decline of 69% from the average daily volume of 1,085,113 shares. The stock had previously closed at $150.95.

Direxion Daily Technology Bull 3X ETF Stock Down 7.7%

The stock has a market capitalization of $4.15 billion, a P/E ratio of 33.07 and a beta of 4.18. The stock’s 50 day moving average price is $203.02 and its 200-day moving average price is $172.29.

Institutional Trading of Direxion Daily Technology Bull 3X ETF

A number of hedge funds have recently bought and sold shares of the stock. Toth Financial Advisory Corp bought a new stake in Direxion Daily Technology Bull 3X ETF during the 3rd quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Direxion Daily Technology Bull 3X ETF in the 2nd quarter worth $76,000. Anchor Investment Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X ETF in the 2nd quarter worth $98,000. Covestor Ltd lifted its stake in shares of Direxion Daily Technology Bull 3X ETF by 12.1% during the 3rd quarter. Covestor Ltd now owns 696 shares of the exchange traded fund’s stock worth $162,000 after purchasing an additional 75 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new stake in shares of Direxion Daily Technology Bull 3X ETF during the 2nd quarter worth $223,000.

Direxion Daily Technology Bull 3X ETF 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.