Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Sees Strong Trading Volume – What’s Next?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares saw unusually-strong trading volume on Monday . Approximately 929,360 shares were traded during trading, a decline of 16% from the previous session’s volume of 1,101,888 shares.The stock last traded at $79.72 and had previously closed at $87.44.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 8.3 %

The stock has a 50 day moving average of $108.63 and a two-hundred day moving average of $121.63.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Institutional investors have recently modified their holdings of the company. Tidal Investments LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth $9,012,000. Traynor Capital Management Inc. boosted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 6.7% during the 3rd quarter. Traynor Capital Management Inc. now owns 10,763 shares of the company’s stock valued at $1,386,000 after purchasing an additional 674 shares during the period. Bank of New York Mellon Corp acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 2nd quarter valued at approximately $596,000. JPMorgan Chase & Co. increased its position in Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock worth $625,000 after buying an additional 2,735 shares during the period. Finally, McGuire Investment Group LLC increased its position in Direxion Daily S&P Biotech Bull 3x Shares by 3.9% in the 3rd quarter. McGuire Investment Group LLC now owns 4,633 shares of the company’s stock worth $596,000 after buying an additional 175 shares during the period.

About Direxion Daily S&P Biotech Bull 3x Shares

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.