Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 7% – Here’s Why

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares fell 7% during trading 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 session volume of 1,418,037 shares. The stock had previously closed at $60.97.

Direxion Daily S&P Biotech Bull 3x Shares Stock Down 1.5 %

The company has a fifty day moving average price of $84.37 and a two-hundred day moving average price of $104.42.

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

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

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

A number of hedge funds have recently bought and sold shares of LABU. Bank of America Corp DE increased its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 2,334.1% during the 4th quarter. Bank of America Corp DE now owns 14,702 shares of the company’s stock valued at $1,323,000 after purchasing an additional 14,098 shares during the last quarter. Two Sigma Securities LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the fourth quarter worth about $323,000. Tower Research Capital LLC TRC boosted its stake in 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 last quarter. Virtu Financial LLC bought a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at approximately $3,043,000. Finally, SBI Securities Co. Ltd. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter worth approximately $244,000.

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.