Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Sees Large Drop in Short Interest

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) was the recipient of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totaling 404,259 shares, a decrease of 41.0% from the June 30th total of 684,950 shares. Based on an average daily volume of 828,983 shares, the short-interest ratio is presently 0.5 days. Currently, 1.4% of the company’s stock are sold short.

Direxion Daily Technology Bull 3X Shares Stock Performance

Shares of Direxion Daily Technology Bull 3X Shares stock traded down $0.90 during trading hours on Friday, reaching $173.55. The company’s stock had a trading volume of 788,445 shares, compared to its average volume of 1,308,290. The company has a market capitalization of $5.08 billion, a P/E ratio of 36.87 and a beta of 4.11. Direxion Daily Technology Bull 3X Shares has a one year low of $75.16 and a one year high of $275.40. The stock’s fifty day simple moving average is $208.93 and its two-hundred day simple moving average is $152.35.

Hedge Funds Weigh In On Direxion Daily Technology Bull 3X Shares

Institutional investors have recently bought and sold shares of the company. IMC Chicago LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the fourth quarter valued at approximately $6,550,000. Stonebridge Financial Group LLC purchased a new position in Direxion Daily Technology Bull 3X Shares in the 4th quarter valued at approximately $1,126,000. Ogborne Capital Management LLC purchased a new position in Direxion Daily Technology Bull 3X Shares in the 4th quarter valued at approximately $2,937,000. Halbert Hargrove Global Advisors LLC bought a new stake in Direxion Daily Technology Bull 3X Shares during the 1st quarter valued at $346,000. Finally, PNC Financial Services Group Inc. raised its holdings in Direxion Daily Technology Bull 3X Shares by 14.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock valued at $5,454,000 after acquiring an additional 8,000 shares during the period.

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.