Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Stock Price Down 16.4% – Here’s Why

Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL)’s share price traded down 16.4% during mid-day trading on Thursday . The company traded as low as $104.06 and last traded at $102.54. 7,122,945 shares changed hands during mid-day trading, an increase of 65% from the average session volume of 4,319,697 shares. The stock had previously closed at $122.60.

Direxion Daily S&P 500 Bull 3X Stock Up 5.1 %

The business’s 50-day moving average price is $152.11 and its 200 day moving average price is $166.61. The company has a market capitalization of $3.33 billion, a P/E ratio of 22.84 and a beta of 3.03.

Direxion Daily S&P 500 Bull 3X Increases Dividend

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th were issued a $0.4935 dividend. The ex-dividend date of this dividend was Tuesday, March 25th. This is a positive change from Direxion Daily S&P 500 Bull 3X’s previous dividend of $0.19.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SPXL. Bank of America Corp DE lifted its holdings in Direxion Daily S&P 500 Bull 3X by 14.6% during the 4th quarter. Bank of America Corp DE now owns 472 shares of the company’s stock valued at $80,000 after buying an additional 60 shares in the last quarter. HighTower Advisors LLC raised its stake in shares of Direxion Daily S&P 500 Bull 3X by 1.3% during the third quarter. HighTower Advisors LLC now owns 5,722 shares of the company’s stock valued at $939,000 after acquiring an additional 76 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Direxion Daily S&P 500 Bull 3X by 4.8% in the fourth quarter. Cresset Asset Management LLC now owns 3,210 shares of the company’s stock valued at $542,000 after purchasing an additional 146 shares during the period. Trinity Legacy Partners LLC grew its stake in Direxion Daily S&P 500 Bull 3X by 14.0% in the fourth quarter. Trinity Legacy Partners LLC now owns 1,480 shares of the company’s stock worth $250,000 after purchasing an additional 182 shares in the last quarter. Finally, PayPay Securities Corp increased its holdings in Direxion Daily S&P 500 Bull 3X by 55.4% during the 4th quarter. PayPay Securities Corp now owns 564 shares of the company’s stock worth $95,000 after purchasing an additional 201 shares during the period.

About Direxion Daily S&P 500 Bull 3X

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification.