Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Sees Strong Trading Volume – Still a Buy?

Shares of Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) saw unusually-strong trading volume on Friday . Approximately 3,269,125 shares were traded during mid-day trading, an increase of 0% from the previous session’s volume of 3,256,548 shares.The stock last traded at $165.59 and had previously closed at $163.55.

Direxion Daily S&P 500 Bull 3X Stock Up 4.5 %

The firm has a market cap of $5.13 billion, a P/E ratio of 25.69 and a beta of 3.10. The firm’s fifty day moving average is $177.37 and its two-hundred day moving average is $170.16.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bull 3X

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. purchased a new position in Direxion Daily S&P 500 Bull 3X during the fourth quarter valued at $34,000. Park Square Financial Group LLC purchased a new position in Direxion Daily S&P 500 Bull 3X during the fourth quarter valued at $51,000. IFP Advisors Inc purchased a new position in Direxion Daily S&P 500 Bull 3X during the fourth quarter valued at $67,000. Bank of America Corp DE lifted its position in Direxion Daily S&P 500 Bull 3X by 14.6% during the fourth 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 during the period. Finally, PayPay Securities Corp lifted its position in Direxion Daily S&P 500 Bull 3X by 55.4% during the fourth quarter. PayPay Securities Corp now owns 564 shares of the company’s stock valued at $95,000 after buying 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.