Direxion Daily Small Cap Bull 3X Shares (NYSEARCA:TNA) Shares Gap Down – Time to Sell?

Direxion Daily Small Cap Bull 3X Shares (NYSEARCA:TNA) gapped down prior to trading on Friday . The stock had previously closed at $44.80, but opened at $43.88. Direxion Daily Small Cap Bull 3X Shares shares last traded at $44.09, with a volume of 2,282,203 shares traded.

Direxion Daily Small Cap Bull 3X Shares Stock Down 4.7 %

The firm’s 50 day simple moving average is $48.84 and its 200 day simple moving average is $43.74. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 13.84 and a beta of 3.74.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of TNA. Hollencrest Capital Management boosted its holdings in shares of Direxion Daily Small Cap Bull 3X Shares by 5,277.3% in the third quarter. Hollencrest Capital Management now owns 482,773 shares of the exchange traded fund’s stock valued at $21,406,000 after acquiring an additional 473,795 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in Direxion Daily Small Cap Bull 3X Shares in the second quarter worth approximately $10,661,000. Tidal Investments LLC acquired a new stake in Direxion Daily Small Cap Bull 3X Shares in the third quarter worth approximately $11,528,000. Thames Capital Management LLC acquired a new position in shares of Direxion Daily Small Cap Bull 3X Shares during the 2nd quarter valued at $8,253,000. Finally, Oriental Harbor Investment Fund acquired a new position in shares of Direxion Daily Small Cap Bull 3X Shares during the 3rd quarter valued at $7,720,000.

About Direxion Daily Small Cap Bull 3X Shares

Direxion Daily Small Cap Bull 3X Shares (the Fund), formerly Direxion Small Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the Russell 2000 Index (the Small Cap Index). The Small Cap Index measures the performance of the small-cap segment of the United States equity universe, and consists of the smallest 2,000 companies in the Russell 3000 Index, representing approximately 10% of the total market capitalization of the Russell 3000 Index.