Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) Trading Up 15.3% – Here’s Why

Direxion Daily Technology Bull 3X Shares (NYSEARCA:TECL) shares traded up 15.3% during mid-day trading on Thursday . The company traded as high as $175.17 and last traded at $173.13. Approximately 406,114 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 1,305,593 shares. The stock had previously closed at $150.12.

Direxion Daily Technology Bull 3X Shares Price Performance

The stock has a market cap of $5.01 billion, a price-to-earnings ratio of 36.87 and a beta of 4.11. The company’s 50 day moving average is $209.47 and its 200 day moving average is $151.99.

Institutional Investors Weigh In On Direxion Daily Technology Bull 3X Shares

A number of hedge funds and other institutional investors have recently modified their holdings of TECL. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Direxion Daily Technology Bull 3X Shares by 99.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 601 shares of the exchange traded fund’s stock worth $56,000 after acquiring an additional 300 shares during the period. Jump Financial LLC acquired a new stake in Direxion Daily Technology Bull 3X Shares in the second quarter valued at $1,963,000. Raymond James Financial Inc. acquired a new stake in Direxion Daily Technology Bull 3X Shares in the second quarter valued at $94,000. Modern Wealth Management LLC purchased a new position in shares of Direxion Daily Technology Bull 3X Shares in the second quarter valued at $2,279,000. Finally, Two Sigma Securities LLC purchased a new position in shares of Direxion Daily Technology Bull 3X Shares in the second quarter valued at $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.