Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Hits New 1-Year Low – Should You Sell?

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $52.75 and last traded at $59.43, with a volume of 1936691 shares traded. The stock had previously closed at $54.33.

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

The stock has a 50 day simple moving average of $83.01 and a 200-day simple moving average of $103.51.

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

The firm also recently announced a dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 25th were issued a dividend of $0.1071 per share. The ex-dividend date of this dividend was Tuesday, March 25th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of LABU. SG Americas Securities LLC lifted its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 6.0% during the 4th quarter. SG Americas Securities LLC now owns 3,392 shares of the company’s stock valued at $305,000 after buying an additional 193 shares in the last quarter. Dunhill Financial LLC bought a new stake in Direxion Daily S&P Biotech Bull 3x Shares during the 3rd quarter worth approximately $46,000. Spire Wealth Management purchased a new position in Direxion Daily S&P Biotech Bull 3x Shares during the fourth quarter valued at approximately $68,000. B. Riley Wealth Advisors Inc. purchased a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares in the third quarter worth $279,000. Finally, SBI Securities Co. Ltd. bought a new stake in shares of Direxion Daily S&P Biotech Bull 3x Shares during the 4th quarter valued at $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.