Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL) Sets New 12-Month High – Still a Buy?

Direxion Daily S&P 500 Bull 3x Shares (NYSEARCA:SPXL)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $232.31 and last traded at $232.0830, with a volume of 1513917 shares. The stock had previously closed at $227.55.

Direxion Daily S&P 500 Bull 3x Shares Stock Up 1.9%

The firm has a market capitalization of $6.10 billion, a PE ratio of 25.10 and a beta of 3.03. The company’s 50-day simple moving average is $219.74 and its 200 day simple moving average is $204.23.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bull 3x Shares

Institutional investors and hedge funds have recently bought and sold shares of the company. Ferguson Wellman Capital Management Inc. acquired a new position in Direxion Daily S&P 500 Bull 3x Shares during the 3rd quarter valued at about $763,000. Blueprint Financial Advisors LLC acquired a new position in shares of Direxion Daily S&P 500 Bull 3x Shares during the second quarter valued at about $2,723,000. Encompass More Asset Management raised its position in shares of Direxion Daily S&P 500 Bull 3x Shares by 189.8% in the 3rd quarter. Encompass More Asset Management now owns 17,361 shares of the company’s stock valued at $3,679,000 after purchasing an additional 11,371 shares during the last quarter. Parallel Advisors LLC boosted its stake in Direxion Daily S&P 500 Bull 3x Shares by 38.1% in the 2nd quarter. Parallel Advisors LLC now owns 725 shares of the company’s stock worth $126,000 after purchasing an additional 200 shares in the last quarter. Finally, Orion Porfolio Solutions LLC acquired a new stake in Direxion Daily S&P 500 Bull 3x Shares in the 2nd quarter worth approximately $1,142,000.

Direxion Daily S&P 500 Bull 3x Shares Company Profile

Direxion Daily S&P 500 Bull 3X Shares, formerly Direxion Daily Large Cap Bull 3X Shares, seeks daily investment results of 300% of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.