Direxion Daily PANW Bull 2X Shares (NASDAQ:PALU) Shares Down 1% – Should You Sell?

Direxion Daily PANW Bull 2X Shares (NASDAQ:PALU) dropped 1% during trading on Tuesday . The stock traded as low as $15.56 and last traded at $16.06. Approximately 62,502 shares changed hands during trading, a decline of 46% from the average daily volume of 114,889 shares. The stock had previously closed at $16.22.

Direxion Daily PANW Bull 2X Shares Price Performance

The firm has a 50-day moving average of $13.28 and a 200 day moving average of $17.74. The stock has a market capitalization of $12.85 million, a price-to-earnings ratio of 60.46 and a beta of 1.60.

Direxion Daily PANW Bull 2X Shares Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 24th were paid a $0.0618 dividend. The ex-dividend date was Tuesday, March 24th. This represents a $0.25 annualized dividend and a yield of 1.5%.

Institutional Trading of Direxion Daily PANW Bull 2X Shares

Several institutional investors and hedge funds have recently bought and sold shares of PALU. Goldman Sachs Group Inc. bought a new stake in Direxion Daily PANW Bull 2X Shares in the first quarter valued at approximately $502,000. Optiver Holding B.V. raised its stake in Direxion Daily PANW Bull 2X Shares by 239.4% in the third quarter. Optiver Holding B.V. now owns 51,428 shares of the company’s stock valued at $1,276,000 after buying an additional 36,274 shares during the period. Finally, Parallel Advisors LLC raised its stake in Direxion Daily PANW Bull 2X Shares by 677.8% in the fourth quarter. Parallel Advisors LLC now owns 1,750 shares of the company’s stock valued at $31,000 after buying an additional 1,525 shares during the period.

About Direxion Daily PANW Bull 2X Shares

Direxion Shares ETF Trust – Direxion Daily PANW Bull 2X Shares is an exchange traded fund launched by Direxion Investments. The fund is managed by Rafferty Asset Management, LLC. It invests in public equity markets. The fund invests through derivatives in stocks of companies operating across information technology, software and services sectors. It uses derivatives such as swaps and options to create its portfolio. The fund invests in growth and value stocks of companies across diversified market capitalization.