Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Sees Strong Trading Volume – Still a Buy?

Shares of Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) saw an uptick in trading volume on Friday . 4,634,813 shares traded hands during mid-day trading, a decline of 2% from the previous session’s volume of 4,709,137 shares.The stock last traded at $163.44 and had previously closed at $170.97.

Direxion Daily S&P 500 Bull 3X Trading Down 4.6 %

The company has a market capitalization of $5.19 billion, a price-to-earnings ratio of 33.36 and a beta of 2.99. The business’s 50 day moving average price is $177.94 and its two-hundred day moving average price is $162.08.

Institutional Trading of Direxion Daily S&P 500 Bull 3X

A number of hedge funds have recently added to or reduced their stakes in SPXL. IMC Chicago LLC acquired a new position in shares of Direxion Daily S&P 500 Bull 3X in the third quarter valued at approximately $57,721,000. Quadrature Capital Ltd bought a new stake in Direxion Daily S&P 500 Bull 3X during the 3rd quarter worth approximately $29,479,000. Hollencrest Capital Management increased its position in Direxion Daily S&P 500 Bull 3X by 1.2% in the 2nd quarter. Hollencrest Capital Management now owns 52,216 shares of the company’s stock valued at $7,627,000 after acquiring an additional 613 shares during the period. Virtu Financial LLC acquired a new position in shares of Direxion Daily S&P 500 Bull 3X during the second quarter worth $6,555,000. Finally, Insight Wealth Partners LLC grew its stake in shares of Direxion Daily S&P 500 Bull 3X by 11.4% in the third quarter. Insight Wealth Partners LLC now owns 35,967 shares of the company’s stock worth $5,897,000 after purchasing an additional 3,689 shares during the last quarter.

About Direxion Daily S&P 500 Bull 3X

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification.