Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Gap Down – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down before the market opened on Thursday . The stock had previously closed at $265.10, but opened at $245.93. Direxion Daily Technology Bull 3X Shares shares last traded at $242.77, with a volume of 368,085 shares trading hands.

Direxion Daily Technology Bull 3X Shares Stock Down 6.2%

The business’s 50 day moving average is $156.05 and its two-hundred day moving average is $128.92. The firm has a market capitalization of $8.12 billion, a P/E ratio of 36.87 and a beta of 4.12.

Institutional Investors Weigh In On Direxion Daily Technology Bull 3X Shares

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew its position in Direxion Daily Technology Bull 3X Shares by 99.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock worth $56,000 after buying an additional 300 shares during the last quarter. Jump Financial LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $1,963,000. Raymond James Financial Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $94,000. Modern Wealth Management LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $2,279,000. Finally, Two Sigma Securities LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the 2nd quarter worth about $872,000.

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.