Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Down 6.7% – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL)’s share price dropped 6.7% during mid-day trading on Monday . The stock traded as low as $197.35 and last traded at $197.53. 115,505 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 1,352,071 shares. The stock had previously closed at $211.70.

Direxion Daily Technology Bull 3X Shares Stock Up 3.5%

The stock’s 50-day moving average is $212.18 and its 200-day moving average is $147.48. The firm has a market cap of $5.90 billion, a P/E ratio of 36.87 and a beta of 4.11.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TECL. Northwestern Mutual Wealth Management Co. lifted its stake 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 buying an additional 300 shares during the period. Jump Financial LLC bought a new position in Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $1,963,000. Raymond James Financial Inc. bought a new position in Direxion Daily Technology Bull 3X Shares during the second quarter valued at about $94,000. Modern Wealth Management LLC acquired a new position in Direxion Daily Technology Bull 3X Shares in the 2nd quarter valued at approximately $2,279,000. Finally, Two Sigma Securities LLC bought a new stake in shares of Direxion Daily Technology Bull 3X Shares in the 2nd quarter worth approximately $872,000.

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.