Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Trading Down 7% – Time to Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) were down 7% on Tuesday . The stock traded as low as $57.64 and last traded at $56.73. 514,762 shares were traded during trading, a decline of 64% from the average daily volume of 1,418,037 shares. The stock had previously closed at $60.97.

Direxion Daily S&P Biotech Bull 3x Shares Stock Performance

The firm has a 50 day moving average price of $83.01 and a 200-day moving average price of $103.51.

Direxion Daily S&P Biotech Bull 3x Shares Dividend Announcement

The business also recently announced a dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th were issued a $0.1071 dividend. The ex-dividend date of this dividend was Tuesday, March 25th.

Institutional Trading of Direxion Daily S&P Biotech Bull 3x Shares

Several large investors have recently modified their holdings of the company. Tidal Investments LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at approximately $9,012,000. Virtu Financial LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter worth approximately $3,043,000. Tower Research Capital LLC TRC boosted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 177.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 27,048 shares of the company’s stock valued at $2,434,000 after acquiring an additional 17,315 shares during the period. Bank of America Corp DE grew its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 2,334.1% in the fourth quarter. Bank of America Corp DE now owns 14,702 shares of the company’s stock worth $1,323,000 after acquiring an additional 14,098 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Direxion Daily S&P Biotech Bull 3x Shares by 129.3% during the third quarter. JPMorgan Chase & Co. now owns 4,851 shares of the company’s stock worth $625,000 after acquiring an additional 2,735 shares during the period.

Direxion Daily S&P Biotech Bull 3x Shares Company Profile

The Direxion Daily S&P Biotech Bull 3X Shares (LABU) is an exchange-traded fund that is based on the S&P Biotechnology Select Industry index. The fund provides daily 3 times exposure to the S&P Biotechnology Select Industry Index. LABU was launched on May 28, 2015 and is managed by Direxion.