Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Hits New 12-Month Low – What’s Next?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) shares hit a new 52-week low during trading on Tuesday . The company traded as low as $79.37 and last traded at $86.48, with a volume of 2926146 shares trading hands. The stock had previously closed at $87.44.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 1.1 %

The stock’s 50-day moving average is $109.70 and its 200 day moving average is $121.87.

Hedge Funds Weigh In On Direxion Daily S&P Biotech Bull 3x Shares

Hedge funds have recently modified their holdings of the stock. Foundations Investment Advisors LLC grew its position in Direxion Daily S&P Biotech Bull 3x Shares by 13.0% in the third quarter. Foundations Investment Advisors LLC now owns 4,617 shares of the company’s stock worth $594,000 after acquiring an additional 530 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Direxion Daily S&P Biotech Bull 3x Shares by 49.3% in the 3rd quarter. SG Americas Securities LLC now owns 3,199 shares of the company’s stock valued at $412,000 after purchasing an additional 1,057 shares during the last quarter. Tidal Investments LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth $9,012,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares during the third quarter worth $43,000. Finally, Headlands Technologies LLC bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter valued at about $68,000.

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.