Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Sees Significant Drop in Short Interest

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 404,259 shares, a decrease of 41.0% from the June 30th total of 684,950 shares. Based on an average trading volume of 828,983 shares, the days-to-cover ratio is presently 0.5 days. Approximately 1.4% of the shares of the stock are sold short.

Direxion Daily Technology Bull 3X Shares Price Performance

TECL traded up $24.33 on Thursday, reaching $174.45. 1,205,654 shares of the company’s stock were exchanged, compared to its average volume of 1,308,719. Direxion Daily Technology Bull 3X Shares has a twelve month low of $75.16 and a twelve month high of $275.40. The stock has a market cap of $5.10 billion, a PE ratio of 36.87 and a beta of 4.11. The stock’s fifty day moving average price is $209.47 and its 200-day moving average price is $151.99.

Institutional Trading of Direxion Daily Technology Bull 3X Shares

A number of hedge funds and other institutional investors have recently modified their holdings of TECL. Steadtrust LLC purchased a new stake in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at about $36,000. BankPlus Trust Department purchased a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter valued at approximately $47,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Direxion Daily Technology Bull 3X Shares by 99.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock valued at $56,000 after acquiring an additional 300 shares during the period. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Direxion Daily Technology Bull 3X Shares in the 2nd quarter worth approximately $76,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares in the 4th quarter worth approximately $88,000.

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.