Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 4.7% – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) fell 4.7% during trading on Tuesday . The company traded as low as $76.78 and last traded at $76.77. 479,842 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 1,435,292 shares. The stock had previously closed at $80.53.

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

The firm has a 50-day simple moving average of $85.28 and a two-hundred day simple moving average of $105.87.

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

The firm also recently declared a dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th will be issued a dividend of $0.1071 per share. The ex-dividend date is Tuesday, March 25th.

Institutional Investors Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

A number of hedge funds have recently bought and sold shares of LABU. Dunhill Financial LLC acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter valued at $46,000. Spire Wealth Management bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter valued at about $68,000. SBI Securities Co. Ltd. acquired a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter worth about $244,000. B. Riley Wealth Advisors Inc. acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter valued at approximately $279,000. Finally, SG Americas Securities LLC raised its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.0% in the fourth quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock valued at $305,000 after purchasing an additional 193 shares in the last quarter.

About Direxion Daily S&P Biotech Bull 3x Shares

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.