Direxion Daily TSLA Bull 2X ETF (NASDAQ:TSLL) Stock Price Down 18.4% – Here’s What Happened

Shares of Direxion Daily TSLA Bull 2X ETF (NASDAQ:TSLL) dropped 18.4% during trading on Thursday. The company traded as low as $8.45 and last traded at $8.4670. Approximately 15,056,868 shares traded hands during trading, a decline of 80% from the average daily volume of 76,624,563 shares. The stock had previously closed at $10.37.

Direxion Daily TSLA Bull 2X ETF Price Performance

The company has a fifty day moving average price of $9.93 and a two-hundred day moving average price of $12.25. The company has a market capitalization of $2.62 billion, a P/E ratio of 88.55 and a beta of 2.77.

Institutional Investors Weigh In On Direxion Daily TSLA Bull 2X ETF

A number of institutional investors have recently added to or reduced their stakes in the business. Turner Financial Group Inc. acquired a new position in Direxion Daily TSLA Bull 2X ETF during the 2nd quarter worth about $3,646,000. Renaissance Technologies LLC grew its position in shares of Direxion Daily TSLA Bull 2X ETF by 2,438.5% in the 1st quarter. Renaissance Technologies LLC now owns 2,198,300 shares of the company’s stock valued at $26,709,000 after buying an additional 2,111,700 shares during the last quarter. Family Office Research LLC acquired a new stake in shares of Direxion Daily TSLA Bull 2X ETF in the third quarter valued at about $477,000. Royal Bank of Canada increased its stake in shares of Direxion Daily TSLA Bull 2X ETF by 36,531.8% in the first quarter. Royal Bank of Canada now owns 102,569 shares of the company’s stock valued at $1,246,000 after buying an additional 102,289 shares during the period. Finally, Tactive Advisors LLC increased its stake in shares of Direxion Daily TSLA Bull 2X ETF by 31.7% in the second quarter. Tactive Advisors LLC now owns 16,600 shares of the company’s stock valued at $235,000 after buying an additional 4,000 shares during the period.

About Direxion Daily TSLA Bull 2X ETF

The Direxion Daily TSLA Bull 1.5X Shares ETF (TSLL) is an exchange-traded fund that is based on the Tesla, Inc index. The fund provides 1.5x leveraged exposure, less fees and expenses, to the daily price movement for shares of Tesla stock. TSLL was launched on Aug 9, 2022 and is managed by Direxion.