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

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $96.74, but opened at $92.50. Direxion Daily Technology Bull 3X Shares shares last traded at $91.39, with a volume of 460,049 shares trading hands.

Direxion Daily Technology Bull 3X Shares Stock Performance

The firm has a market cap of $3.97 billion, a P/E ratio of 50.15 and a beta of 4.03. The firm has a fifty day moving average of $94.57 and a 200-day moving average of $90.02.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Sollinda Capital Management LLC purchased a new stake in shares of Direxion Daily Technology Bull 3X Shares in the third quarter worth approximately $20,933,000. EP Wealth Advisors LLC increased its position in Direxion Daily Technology Bull 3X Shares by 2.1% during the third quarter. EP Wealth Advisors LLC now owns 52,396 shares of the exchange traded fund’s stock worth $4,586,000 after acquiring an additional 1,066 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $3,956,000. Axxcess Wealth Management LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares during the third quarter worth about $3,473,000. Finally, Virtu Financial LLC increased its stake in Direxion Daily Technology Bull 3X Shares by 577.2% during the second quarter. Virtu Financial LLC now owns 27,149 shares of the exchange traded fund’s stock valued at $2,644,000 after acquiring an additional 23,140 shares during the period.

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.