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 Friday . The stock had previously closed at $95.35, but opened at $91.43. Direxion Daily Technology Bull 3X Shares shares last traded at $90.88, with a volume of 292,795 shares trading hands.

Direxion Daily Technology Bull 3X Shares Price Performance

The stock’s fifty day simple moving average is $87.89 and its 200-day simple moving average is $86.63. The stock has a market cap of $3.75 billion, a P/E ratio of 50.15 and a beta of 4.03.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of TECL. Sollinda Capital Management LLC bought a new position in shares of Direxion Daily Technology Bull 3X Shares in the third quarter worth $20,933,000. EP Wealth Advisors LLC grew its position in Direxion Daily Technology Bull 3X Shares by 11.1% in the 1st quarter. EP Wealth Advisors LLC now owns 54,054 shares of the exchange traded fund’s stock valued at $4,332,000 after buying an additional 5,393 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Direxion Daily Technology Bull 3X Shares during the 2nd quarter valued at about $3,956,000. Axxcess Wealth Management LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares during the 3rd quarter worth about $3,473,000. Finally, Virtu Financial LLC lifted its stake in shares of Direxion Daily Technology Bull 3X Shares by 577.2% in the 2nd quarter. Virtu Financial LLC now owns 27,149 shares of the exchange traded fund’s stock worth $2,644,000 after acquiring an additional 23,140 shares during the period.

About Direxion Daily Technology Bull 3X Shares

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.