Direxion Daily Financial Bull 3X ETF (NYSEARCA:FAS) Sets New 52-Week High – Time to Buy?

Direxion Daily Financial Bull 3X ETF (NYSEARCA:FAS)’s share price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $187.74 and last traded at $187.6860, with a volume of 846,351 shares. The stock had previously closed at $169.90.

Direxion Daily Financial Bull 3X ETF Stock Up 10.3%

The company’s 50-day simple moving average is $161.71 and its 200 day simple moving average is $149.84. The firm has a market capitalization of $2.42 billion, a PE ratio of 15.11 and a beta of 2.54.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Direxion Daily Financial Bull 3X ETF by 18.9% in the first quarter. Renaissance Technologies LLC now owns 25,200 shares of the real estate investment trust’s stock valued at $2,986,000 after buying an additional 4,000 shares in the last quarter. Mather Group LLC. acquired a new position in Direxion Daily Financial Bull 3X ETF in the third quarter valued at approximately $2,515,000. PNC Financial Services Group Inc. boosted its stake in Direxion Daily Financial Bull 3X ETF by 17.2% in the first quarter. PNC Financial Services Group Inc. now owns 9,532 shares of the real estate investment trust’s stock valued at $1,130,000 after acquiring an additional 1,400 shares in the last quarter. Group One Trading LLC acquired a new stake in shares of Direxion Daily Financial Bull 3X ETF in the first quarter valued at approximately $1,039,000. Finally, Commonwealth Equity Services LLC acquired a new position in Direxion Daily Financial Bull 3X ETF in the third quarter valued at $472,000. 3.51% of the stock is currently owned by institutional investors and hedge funds.

About Direxion Daily Financial Bull 3X ETF

Direxion Daily Financial Bull 3x Shares seeks daily investment results of 300% of the price performance of the Russell 1000 Financial Services Index (the Index). The Index is a subset of the Russell 1000 Index that measures the performance of the securities classified in the financial services sector of the large cap United States equity market. The Fund invests in sectors, such as banks, diversified financial services, real estate investment trust, financial data and systems, asset management and custodian, securities brokerage and services, and consumer lending.