Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL) Sets New 1-Year High – Still a Buy?

Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $269.01 and last traded at $267.27, with a volume of 1487137 shares trading hands. The stock had previously closed at $265.56.

Direxion Daily S&P 500 Bull 3x Shares Price Performance

The stock has a market capitalization of $6.51 billion, a P/E ratio of 25.10 and a beta of 3.02. The company has a fifty day moving average of $217.17 and a two-hundred day moving average of $220.25.

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

Several large investors have recently added to or reduced their stakes in SPXL. Goldman Sachs Group Inc. lifted its stake in Direxion Daily S&P 500 Bull 3x Shares by 389.6% during the first quarter. Goldman Sachs Group Inc. now owns 125,668 shares of the company’s stock worth $17,643,000 after purchasing an additional 100,000 shares during the last quarter. Group One Trading LLC raised its stake in Direxion Daily S&P 500 Bull 3x Shares by 1,181.5% during the second quarter. Group One Trading LLC now owns 45,492 shares of the company’s stock worth $7,894,000 after acquiring an additional 41,942 shares during the period. BXM Wealth LLC acquired a new stake in Direxion Daily S&P 500 Bull 3x Shares during the fourth quarter worth about $5,354,000. Corient Private Wealth LLC raised its stake in Direxion Daily S&P 500 Bull 3x Shares by 336.7% during the second quarter. Corient Private Wealth LLC now owns 31,400 shares of the company’s stock worth $5,449,000 after acquiring an additional 24,210 shares during the period. Finally, JPMorgan Chase & Co. acquired a new stake in Direxion Daily S&P 500 Bull 3x Shares during the second quarter worth about $3,932,000.

Direxion Daily S&P 500 Bull 3x Shares Company Profile

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. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.