Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 7.5% – Time to Sell?

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) fell 7.5% during trading on Wednesday . The company traded as low as $64.10 and last traded at $64.30. 1,030,130 shares were traded during mid-day trading, a decline of 35% from the average session volume of 1,578,172 shares. The stock had previously closed at $69.52.

Direxion Daily Technology Bull 3X Shares Stock Performance

The firm’s 50 day simple moving average is $82.13 and its 200 day simple moving average is $87.86. The firm has a market capitalization of $2.27 billion, a price-to-earnings ratio of 31.33 and a beta of 3.56.

Direxion Daily Technology Bull 3X Shares Dividend Announcement

The business also recently announced a dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th will be issued a dividend of $0.2088 per share. The ex-dividend date of this dividend is Tuesday, March 25th.

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

Several hedge funds have recently modified their holdings of the company. Park Square Financial Group LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares in the fourth quarter valued at approximately $41,000. Kane Investment Management Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares in the 4th quarter valued at $205,000. GFG Capital LLC purchased a new stake in Direxion Daily Technology Bull 3X Shares in the 4th quarter worth $216,000. Merit Financial Group LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the fourth quarter worth $275,000. Finally, Millington Financial Advisors LLC raised its position in Direxion Daily Technology Bull 3X Shares by 7.4% during the fourth quarter. Millington Financial Advisors LLC now owns 3,059 shares of the exchange traded fund’s stock worth $252,000 after acquiring an additional 212 shares during the period.

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.