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

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares gapped down before the market opened on Tuesday . The stock had previously closed at $239.87, but opened at $211.27. Direxion Daily Technology Bull 3X Shares shares last traded at $217.03, with a volume of 318,366 shares traded.

Direxion Daily Technology Bull 3X Shares Trading Down 1.9%

The stock has a 50 day simple moving average of $193.68 and a 200 day simple moving average of $139.35. The firm has a market capitalization of $6.73 billion, a PE ratio of 36.87 and a beta of 4.12.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TECL. BankPlus Trust Department bought a new stake in Direxion Daily Technology Bull 3X Shares during the 4th quarter valued at $47,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Direxion Daily Technology Bull 3X Shares by 99.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock valued at $56,000 after acquiring an additional 300 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter valued at about $88,000. Raymond James Financial Inc. bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $94,000. Finally, Wealth Watch Advisors INC bought a new position in shares of Direxion Daily Technology Bull 3X Shares during the third quarter valued at about $117,000.

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.