Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Shares Down 11.6% – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s share price fell 11.6% during mid-day trading on Monday . The stock traded as low as $63.57 and last traded at $62.55. 731,300 shares were traded during trading, a decline of 46% from the average session volume of 1,353,788 shares. The stock had previously closed at $70.76.

Direxion Daily Technology Bull 3X Shares Stock Performance

The company has a 50 day moving average of $88.27 and a 200 day moving average of $89.08. The firm has a market cap of $2.11 billion, a P/E ratio of 38.49 and a beta of 3.51.

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

A number of large investors have recently bought and sold shares of TECL. SBI Securities Co. Ltd. acquired a new stake in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter worth about $21,703,000. Axxcess Wealth Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the 3rd quarter valued at approximately $3,473,000. Tower Research Capital LLC TRC lifted its holdings in Direxion Daily Technology Bull 3X Shares by 8,493.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 31,453 shares of the exchange traded fund’s stock worth $2,848,000 after purchasing an additional 31,087 shares during the last quarter. Mariner LLC boosted its position in Direxion Daily Technology Bull 3X Shares by 384.1% during the fourth quarter. Mariner LLC now owns 29,288 shares of the exchange traded fund’s stock worth $2,652,000 after purchasing an additional 23,238 shares during the period. Finally, Birchview Capital LP bought a new stake in Direxion Daily Technology Bull 3X Shares during the fourth quarter worth approximately $1,630,000.

About Direxion Daily Technology Bull 3X Shares

The Direxion Daily Technology Bull 3X Shares (TECL) is an exchange-traded fund that is based on the Technology Select Sector index. The fund provides 3x leveraged exposure to a market-cap weighted index of US large-cap technology companies. TECL was launched on Dec 17, 2008 and is managed by Direxion.