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

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL)’s share price gapped down before the market opened on Thursday. The stock had previously closed at $211.68, but opened at $198.19. Direxion Daily Technology Bull 3X ETF shares last traded at $198.6660, with a volume of 453,932 shares.

Direxion Daily Technology Bull 3X ETF Stock Down 4.1%

The business has a 50 day simple moving average of $214.64 and a 200-day simple moving average of $192.50. The company has a market capitalization of $5.75 billion, a P/E ratio of 36.87 and a beta of 4.13.

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

A number of hedge funds and other institutional investors have recently modified their holdings of TECL. Virtu Financial LLC raised its holdings in Direxion Daily Technology Bull 3X ETF by 1,035.9% during the fourth quarter. Virtu Financial LLC now owns 28,660 shares of the exchange traded fund’s stock worth $3,367,000 after purchasing an additional 26,137 shares in the last quarter. Allworth Financial LP acquired a new stake in Direxion Daily Technology Bull 3X ETF in the 2nd quarter valued at about $4,568,000. Steadtrust LLC bought a new position in shares of Direxion Daily Technology Bull 3X ETF during the 2nd quarter valued at about $36,000. PNC Financial Services Group Inc. raised its holdings in shares of Direxion Daily Technology Bull 3X ETF by 14.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after purchasing an additional 8,000 shares in the last quarter. Finally, Donalies Financial Planning LLC acquired a new stake in Direxion Daily Technology Bull 3X ETF during the fourth quarter valued at approximately $733,000.

Direxion Daily Technology Bull 3X ETF Company Profile

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.