Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL) Shares Gap Down – Time to Sell?

Direxion Daily Technology Bull 3X ETF (NYSEARCA:TECL)’s stock price gapped down before the market opened on Friday. The stock had previously closed at $203.18, but opened at $181.85. Direxion Daily Technology Bull 3X ETF shares last traded at $179.8590, with a volume of 242,475 shares trading hands.

Direxion Daily Technology Bull 3X ETF Price Performance

The firm’s 50 day moving average price is $212.18 and its 200-day moving average price is $170.75. The stock has a market cap of $5.11 billion, a P/E ratio of 36.87 and a beta of 4.13.

Institutional Trading of Direxion Daily Technology Bull 3X ETF

Several institutional investors have recently added to or reduced their stakes in TECL. Steadtrust LLC bought a new stake in Direxion Daily Technology Bull 3X ETF during the second quarter valued at approximately $36,000. Allworth Financial LP purchased a new stake in Direxion Daily Technology Bull 3X ETF during the second quarter valued at approximately $4,568,000. PNC Financial Services Group Inc. raised its position in Direxion Daily Technology Bull 3X ETF by 14.5% in the first quarter. PNC Financial Services Group Inc. now owns 63,020 shares of the exchange traded fund’s stock worth $5,454,000 after acquiring an additional 8,000 shares during the period. LWM Advisors Inc. bought a new position in Direxion Daily Technology Bull 3X ETF in the second quarter worth approximately $254,000. Finally, Halbert Hargrove Global Advisors LLC bought a new position in Direxion Daily Technology Bull 3X ETF in the third quarter worth approximately $388,000.

Direxion Daily Technology Bull 3X ETF 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.