Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Stock Price Up 7.4% – Time to Buy?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares were up 7.4% during trading on Monday . The stock traded as high as $123.13 and last traded at $121.83. Approximately 158,937 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 1,940,740 shares. The stock had previously closed at $113.42.

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

The stock has a fifty day simple moving average of $125.04 and a 200-day simple moving average of $123.49.

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

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC acquired a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter valued at about $9,012,000. Bank of New York Mellon Corp acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 2nd quarter worth approximately $596,000. Traynor Capital Management Inc. boosted its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 73.8% in the 2nd quarter. Traynor Capital Management Inc. now owns 10,089 shares of the company’s stock valued at $1,144,000 after buying an additional 4,285 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the third quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock valued at $412,000 after buying an additional 1,057 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 25.3% in the second quarter. Foundations Investment Advisors LLC now owns 4,087 shares of the company’s stock valued at $464,000 after buying an additional 825 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.