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

Shares of Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) gapped down before the market opened on Monday . The stock had previously closed at $97.22, but opened at $84.56. Direxion Daily Technology Bull 3X Shares shares last traded at $86.63, with a volume of 944,777 shares changing hands.

Direxion Daily Technology Bull 3X Shares Price Performance

The company’s 50-day simple moving average is $94.52 and its two-hundred day simple moving average is $88.60. The firm has a market capitalization of $3.55 billion, a P/E ratio of 50.15 and a beta of 4.03.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Barclays PLC increased its stake in Direxion Daily Technology Bull 3X Shares by 28.9% in the 3rd quarter. Barclays PLC now owns 7,345 shares of the exchange traded fund’s stock worth $643,000 after buying an additional 1,645 shares in the last quarter. Triton Wealth Management PLLC purchased a new stake in shares of Direxion Daily Technology Bull 3X Shares during the third quarter worth about $960,000. Farther Finance Advisors LLC raised its stake in Direxion Daily Technology Bull 3X Shares by 4,000.0% during the 3rd quarter. Farther Finance Advisors LLC now owns 943 shares of the exchange traded fund’s stock valued at $83,000 after purchasing an additional 920 shares during the period. Stratos Wealth Advisors LLC lifted its holdings in Direxion Daily Technology Bull 3X Shares by 0.9% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 24,764 shares of the exchange traded fund’s stock worth $2,168,000 after purchasing an additional 232 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Direxion Daily Technology Bull 3X Shares in the 2nd quarter worth approximately $338,000.

Direxion Daily Technology Bull 3X Shares 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.