Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 5.3% – Should You Sell?

Shares of Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) dropped 5.3% during trading on Tuesday . The company traded as low as $72.68 and last traded at $71.05. Approximately 224,192 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,300,976 shares. The stock had previously closed at $75.01.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 5.4 %

The business’s 50 day moving average price is $88.92 and its two-hundred day moving average price is $110.69.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Several hedge funds have recently modified their holdings of the company. Tidal Investments LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at about $9,012,000. Virtu Financial LLC bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $3,043,000. Tower Research Capital LLC TRC raised its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 177.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 27,048 shares of the company’s stock worth $2,434,000 after purchasing an additional 17,315 shares during the period. Bank of America Corp DE lifted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 2,334.1% in the 4th quarter. Bank of America Corp DE now owns 14,702 shares of the company’s stock worth $1,323,000 after purchasing an additional 14,098 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock valued at $625,000 after purchasing an additional 2,735 shares during the period.

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

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.