Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Up 5.4% – Still a Buy?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shot up 5.4% on Monday . The stock traded as high as $101.36 and last traded at $100.45. 691,640 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 1,470,370 shares. The stock had previously closed at $95.33.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The company has a 50-day moving average price of $101.69 and a two-hundred day moving average price of $120.24.

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

Several institutional investors have recently made changes to their positions in the stock. Foundations Investment Advisors LLC raised its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 13.0% during the third quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after purchasing an additional 530 shares during the period. SG Americas Securities LLC lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the third quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock valued at $412,000 after buying an additional 1,057 shares in the last quarter. Tidal Investments LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at $9,012,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the third quarter valued at about $43,000. Finally, Traynor Capital Management Inc. increased its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.7% during the third quarter. Traynor Capital Management Inc. now owns 10,763 shares of the company’s stock worth $1,386,000 after acquiring an additional 674 shares in the last quarter.

Direxion Daily S&P Biotech Bull 3x Shares Company Profile

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.