Direxion Daily Small Cap Bull 3X Shares (NYSEARCA:TNA) Shares Gap Down – Here’s Why

Direxion Daily Small Cap Bull 3X Shares (NYSEARCA:TNA) gapped down before the market opened on Friday . The stock had previously closed at $42.17, but opened at $40.19. Direxion Daily Small Cap Bull 3X Shares shares last traded at $40.23, with a volume of 4,597,937 shares traded.

Direxion Daily Small Cap Bull 3X Shares Trading Down 7.8 %

The stock has a fifty day moving average of $48.65 and a two-hundred day moving average of $44.10. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 13.84 and a beta of 3.74.

Hedge Funds Weigh In On Direxion Daily Small Cap Bull 3X Shares

Large investors have recently modified their holdings of the stock. Hollencrest Capital Management increased its position in Direxion Daily Small Cap Bull 3X Shares by 5,277.3% in the third quarter. Hollencrest Capital Management now owns 482,773 shares of the exchange traded fund’s stock worth $21,406,000 after purchasing an additional 473,795 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Direxion Daily Small Cap Bull 3X Shares during the second quarter worth approximately $10,661,000. Tidal Investments LLC acquired a new position in Direxion Daily Small Cap Bull 3X Shares in the third quarter valued at approximately $11,528,000. Thames Capital Management LLC bought a new position in Direxion Daily Small Cap Bull 3X Shares in the second quarter valued at approximately $8,253,000. Finally, Oriental Harbor Investment Fund bought a new position in Direxion Daily Small Cap Bull 3X Shares in the third quarter valued at approximately $7,720,000.

About Direxion Daily Small Cap Bull 3X Shares

Direxion Daily Small Cap Bull 3X Shares (the Fund), formerly Direxion Small Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the Russell 2000 Index (the Small Cap Index). The Small Cap Index measures the performance of the small-cap segment of the United States equity universe, and consists of the smallest 2,000 companies in the Russell 3000 Index, representing approximately 10% of the total market capitalization of the Russell 3000 Index.