Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 7% – Here’s What Happened

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price fell 7% on Tuesday . The company traded as low as $57.64 and last traded at $56.73. 514,762 shares changed hands during trading, a decline of 64% from the average session volume of 1,418,037 shares. The stock had previously closed at $60.97.

Direxion Daily S&P Biotech Bull 3x Shares Price Performance

The firm’s 50-day moving average price is $84.37 and its 200-day moving average price is $104.42.

Direxion Daily S&P Biotech Bull 3x Shares Announces Dividend

The business also recently declared a dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th will be issued a $0.1071 dividend. The ex-dividend date of this dividend is Tuesday, March 25th.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

A number of institutional investors have recently added to or reduced their stakes in LABU. JPMorgan Chase & Co. lifted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 129.3% in the third quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock worth $625,000 after buying an additional 2,735 shares in the last quarter. SG Americas Securities LLC lifted its stake in Direxion Daily S&P Biotech Bull 3x Shares by 6.0% in the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock worth $305,000 after purchasing an additional 193 shares in the last quarter. Tidal Investments LLC purchased a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at $9,012,000. SBI Securities Co. Ltd. bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter worth $244,000. Finally, Virtu Financial LLC purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter worth $3,043,000.

About Direxion Daily S&P Biotech Bull 3x Shares

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.