Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Up – Should You Buy?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares gapped up prior to trading on Wednesday . The stock had previously closed at $27.06, but opened at $28.33. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $28.53, with a volume of 15,119,428 shares trading hands.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 2.5 %

The stock has a 50-day simple moving average of $32.15 and a two-hundred day simple moving average of $40.36. The firm has a market cap of $7.69 billion, a PE ratio of 37.08 and a beta of 5.47.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SOXL. Anchor Investment Management LLC boosted its position in Direxion Daily Semiconductors Bull 3x Shares by 83.6% during the third quarter. Anchor Investment Management LLC now owns 1,285 shares of the company’s stock valued at $47,000 after buying an additional 585 shares during the period. Covestor Ltd boosted its holdings in Direxion Daily Semiconductors Bull 3x Shares by 101.4% during the 3rd quarter. Covestor Ltd now owns 1,766 shares of the company’s stock valued at $65,000 after acquiring an additional 889 shares during the period. Signaturefd LLC boosted its holdings in Direxion Daily Semiconductors Bull 3x Shares by 17.6% during the 3rd quarter. Signaturefd LLC now owns 2,000 shares of the company’s stock valued at $73,000 after acquiring an additional 300 shares during the period. Bogart Wealth LLC bought a new position in Direxion Daily Semiconductors Bull 3x Shares during the 3rd quarter worth approximately $106,000. Finally, Hollencrest Capital Management increased its stake in Direxion Daily Semiconductors Bull 3x Shares by 2,726.7% in the 3rd quarter. Hollencrest Capital Management now owns 2,968 shares of the company’s stock worth $109,000 after purchasing an additional 2,863 shares during the period.

About Direxion Daily Semiconductors Bull 3x Shares

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.