Direxion Daily AVGO Bull 2X ETF (NASDAQ:AVL) Stock Falls 4% – Should You Sell?

Direxion Daily AVGO Bull 2X ETF (NASDAQ:AVL)’s stock price dropped 4% during mid-day trading on Wednesday. The company traded as low as $29.07 and last traded at $29.79. 510,680 shares changed hands during trading, a decline of 29% from the average daily volume of 717,177 shares. The stock had previously closed at $31.03.

Direxion Daily AVGO Bull 2X ETF Price Performance

The company has a 50-day simple moving average of $35.04 and a two-hundred day simple moving average of $43.14. The stock has a market capitalization of $183.58 million, a price-to-earnings ratio of -1,189.00 and a beta of 4.05.

Direxion Daily AVGO Bull 2X ETF Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 22nd were issued a $0.1981 dividend. This is a drop from Direxion Daily AVGO Bull 2X ETF’s previous quarterly dividend of $0.2004. The ex-dividend date of this dividend was Tuesday, September 22nd. This represents a $0.79 dividend on an annualized basis and a dividend yield of 3.3%. Direxion Daily AVGO Bull 2X ETF’s dividend payout ratio is -64,950.00%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Simplex Trading LLC acquired a new stake in shares of Direxion Daily AVGO Bull 2X ETF in the third quarter valued at approximately $93,000. StoneX Group Inc. acquired a new position in shares of Direxion Daily AVGO Bull 2X ETF during the third quarter worth approximately $248,000. Parallel Advisors LLC boosted its position in shares of Direxion Daily AVGO Bull 2X ETF by 119.0% during the third quarter. Parallel Advisors LLC now owns 2,300 shares of the company’s stock worth $82,000 after buying an additional 1,250 shares during the period. Prosperitas Financial LLC acquired a new position in shares of Direxion Daily AVGO Bull 2X ETF during the third quarter worth approximately $413,000. Finally, SBI Securities Co. Ltd. grew its holdings in Direxion Daily AVGO Bull 2X ETF by 25.6% in the 3rd quarter. SBI Securities Co. Ltd. now owns 6,530 shares of the company’s stock worth $233,000 after buying an additional 1,330 shares in the last quarter. 2.95% of the stock is owned by institutional investors and hedge funds.

About Direxion Daily AVGO Bull 2X ETF

The Direxion Daily AVGO Bull 2X Shares (AVL) is an exchange-traded fund that mostly invests in information technology equity. The fund provides 2x leveraged exposure, less fees and expenses, to the daily price movement for shares of Broadcom Inc stock. AVL was launched on Oct 10, 2024 and is issued by Direxion.