Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Down 11.1% – Should You Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) dropped 11.1% on Tuesday . The stock traded as low as $35.26 and last traded at $36.30. Approximately 47,481,887 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 74,888,898 shares. The stock had previously closed at $40.82.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 15.6 %

The company has a market capitalization of $9.34 billion, a PE ratio of 37.08 and a beta of 5.47. The company has a 50-day moving average price of $34.98 and a two-hundred day moving average price of $43.56.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of hedge funds and other institutional investors have recently modified their holdings of SOXL. IMC Chicago LLC bought a new position in Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter valued at approximately $24,699,000. Global Assets Advisory LLC purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 1st quarter valued at $13,683,000. Westwood Wealth Management purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 1st quarter valued at $10,158,000. Virtu Financial LLC purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter valued at $7,760,000. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 60.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 47,030 shares of the company’s stock valued at $2,188,000 after buying an additional 17,757 shares during the period.

Direxion Daily Semiconductors Bull 3x Shares Company Profile

The Direxion Daily Semiconductor Bull 3X Shares (SOXL) is an exchange-traded fund that is based on the ICE Semiconductor index. The fund provides 3x daily exposure to a modified market-cap-weighted index of 30 US-listed semiconductor companies. SOXL was launched on Mar 11, 2010 and is managed by Direxion.