Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU) Shares Down 5.6%

Direxion Daily S&P Biotech Bull 3x Shares (NYSEARCA:LABU)’s share price dropped 5.6% on Tuesday . The company traded as low as $3.38 and last traded at $3.39. Approximately 9,115,330 shares changed hands during trading, a decline of 75% from the average daily volume of 36,780,527 shares. The stock had previously closed at $3.59.

Direxion Daily S&P Biotech Bull 3x Shares Trading Down 0.8 %

The business has a fifty day moving average price of $3.41 and a 200 day moving average price of $5.07.

Direxion Daily S&P Biotech Bull 3x Shares shares are scheduled to reverse split on Monday, December 4th. The 1-20 reverse split was announced on Monday, December 4th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, December 4th.

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

A number of hedge funds have recently modified their holdings of LABU. Advisor Group Holdings Inc. grew its holdings in shares of Direxion Daily S&P Biotech Bull 3x Shares by 64.9% during the first quarter. Advisor Group Holdings Inc. now owns 3,190 shares of the company’s stock worth $50,000 after purchasing an additional 1,255 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in Direxion Daily S&P Biotech Bull 3x Shares during the second quarter worth about $36,000. PayPay Securities Corp grew its position in shares of Direxion Daily S&P Biotech Bull 3x Shares by 182.6% in the 2nd quarter. PayPay Securities Corp now owns 9,549 shares of the company’s stock valued at $57,000 after purchasing an additional 6,170 shares during the period. Meridian Wealth Management LLC acquired a new position in shares of Direxion Daily S&P Biotech Bull 3x Shares in the second quarter valued at approximately $60,000. Finally, Key Bridge Compliance LLC acquired a new position in Direxion Daily S&P Biotech Bull 3x Shares in the 3rd quarter worth $40,000.

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.