Direxion Daily Financial Bull 3X Shares (NYSEARCA:FAS) Shares Gap Up – Still a Buy?

Shares of Direxion Daily Financial Bull 3X Shares (NYSEARCA:FAS) gapped up before the market opened on Wednesday . The stock had previously closed at $148.99, but opened at $158.61. Direxion Daily Financial Bull 3X Shares shares last traded at $159.58, with a volume of 488,607 shares trading hands.

Direxion Daily Financial Bull 3X Shares Trading Up 6.2 %

The stock has a fifty day moving average of $161.69 and a two-hundred day moving average of $137.19.

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

A number of hedge funds and other institutional investors have recently bought and sold shares of FAS. Addison Advisors LLC bought a new stake in shares of Direxion Daily Financial Bull 3X Shares during the third quarter worth $39,000. Hollencrest Capital Management bought a new stake in shares of Direxion Daily Financial Bull 3X Shares during the third quarter worth $42,000. Silicon Valley Capital Partners bought a new stake in shares of Direxion Daily Financial Bull 3X Shares during the third quarter worth $64,000. Sanctuary Advisors LLC bought a new stake in shares of Direxion Daily Financial Bull 3X Shares during the third quarter worth $187,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Direxion Daily Financial Bull 3X Shares during the third quarter worth $191,000. 3.51% of the stock is owned by institutional investors and hedge funds.

About Direxion Daily Financial Bull 3X Shares

Direxion Daily Financial Bull 3x Shares seeks daily investment results of 300% of the price performance of the Russell 1000 Financial Services Index (the Index). The Index is a subset of the Russell 1000 Index that measures the performance of the securities classified in the financial services sector of the large cap United States equity market.