Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL) Shares Gap Down – Time to Sell?

Direxion Daily S&P 500 Bull 3X (NYSEARCA:SPXL)’s share price gapped down before the market opened on Monday . The stock had previously closed at $176.89, but opened at $170.43. Direxion Daily S&P 500 Bull 3X shares last traded at $168.06, with a volume of 1,209,644 shares.

Direxion Daily S&P 500 Bull 3X Price Performance

The business has a 50-day moving average of $177.15 and a two-hundred day moving average of $160.55. The company has a market cap of $5.48 billion, a P/E ratio of 33.36 and a beta of 2.99.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. IMC Chicago LLC purchased a new stake in shares of Direxion Daily S&P 500 Bull 3X in the third quarter worth about $57,721,000. Quadrature Capital Ltd acquired a new position in shares of Direxion Daily S&P 500 Bull 3X in the 3rd quarter valued at $29,479,000. PPSC Investment Service Corp raised its position in shares of Direxion Daily S&P 500 Bull 3X by 2.0% in the second quarter. PPSC Investment Service Corp now owns 2,486,325 shares of the company’s stock worth $363,177,000 after acquiring an additional 49,725 shares during the period. Virtu Financial LLC acquired a new position in Direxion Daily S&P 500 Bull 3X in the 2nd quarter worth about $6,555,000. Finally, Flow Traders U.S. LLC acquired a new position in shares of Direxion Daily S&P 500 Bull 3X during the 3rd quarter worth approximately $5,453,000.

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.