Direxion Daily FTSE China Bull 3X Shares (NYSEARCA:YINN) Shares Down 8.1% – Time to Sell?

Direxion Daily FTSE China Bull 3X Shares (NYSEARCA:YINN) shares dropped 8.1% on Thursday . The company traded as low as $31.10 and last traded at $31.17. Approximately 3,351,887 shares traded hands during trading, a decline of 52% from the average daily volume of 6,940,378 shares. The stock had previously closed at $33.91.

Direxion Daily FTSE China Bull 3X Shares Price Performance

The stock has a market capitalization of $1.58 billion, a P/E ratio of 4.13 and a beta of 2.93. The company’s 50-day simple moving average is $28.67 and its 200-day simple moving average is $25.32.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Quadrature Capital Ltd bought a new position in Direxion Daily FTSE China Bull 3X Shares during the first quarter worth about $281,000. Covestor Ltd acquired a new stake in shares of Direxion Daily FTSE China Bull 3X Shares in the first quarter valued at approximately $33,000. Gateway Advisory LLC lifted its position in shares of Direxion Daily FTSE China Bull 3X Shares by 20.0% in the second quarter. Gateway Advisory LLC now owns 18,000 shares of the exchange traded fund’s stock valued at $402,000 after buying an additional 3,000 shares during the last quarter. Viewpoint Capital Management LLC boosted its stake in shares of Direxion Daily FTSE China Bull 3X Shares by 218.0% during the 1st quarter. Viewpoint Capital Management LLC now owns 21,560 shares of the exchange traded fund’s stock worth $424,000 after acquiring an additional 14,780 shares during the period. Finally, Chilton Capital Management LLC acquired a new position in shares of Direxion Daily FTSE China Bull 3X Shares during the 1st quarter worth approximately $56,000.

About Direxion Daily FTSE China Bull 3X Shares

Direxion Daily China Bull 3x Shares ETF (the Fund) seeks daily investment results of 300% of the price performance of the BNY China Select ADR Index (the China Index). The China Index is a free float-adjusted capitalization-weighted index designed by the Bank of New York to track the performance of a basket of companies who have their primary equity listing on a stock exchange in China and which also have depositary receipts that trade on a United States exchange or on the National Association of Securities and Dealers Automated Quotation.