Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Down – Time to Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price gapped down prior to trading on Thursday . The stock had previously closed at $56.09, but opened at $53.53. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $51.34, with a volume of 31,517,787 shares.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 8.1%

The stock has a market capitalization of $9.92 billion, a PE ratio of 35.63 and a beta of 4.52. The business’s 50 day moving average is $59.76 and its 200 day moving average is $45.79.

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

Several hedge funds and other institutional investors have recently modified their holdings of the business. SHP Wealth Management bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the 4th quarter worth approximately $57,000. Kovitz Investment Group Partners LLC grew its stake in Direxion Daily Semiconductors Bull 3x Shares by 171.4% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 15,993 shares of the company’s stock worth $672,000 after purchasing an additional 10,100 shares in the last quarter. Axxcess Wealth Management LLC purchased a new position in Direxion Daily Semiconductors Bull 3x Shares during the 4th quarter worth $548,000. Mercer Global Advisors Inc. ADV bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 4th quarter valued at $1,293,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the 4th quarter worth $275,000.

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.