Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Stock Price Down 6.6% – Here’s Why

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

Direxion Daily Technology Bull 3X Shares Stock Down 5.2%

The business’s 50-day simple moving average is $195.54 and its 200-day simple moving average is $139.89. The stock has a market cap of $6.52 billion, a PE ratio of 36.87 and a beta of 4.12.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. BankPlus Trust Department bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth approximately $47,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Direxion Daily Technology Bull 3X Shares by 99.7% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock valued at $56,000 after acquiring an additional 300 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the fourth quarter valued at approximately $88,000. Raymond James Financial Inc. purchased a new stake in Direxion Daily Technology Bull 3X Shares in the second quarter worth $94,000. Finally, Wealth Watch Advisors INC purchased a new stake in Direxion Daily Technology Bull 3X Shares in the third quarter worth $117,000.

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.