Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Up – Here’s Why

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares gapped up before the market opened on Tuesday. The stock had previously closed at $90.50, but opened at $95.04. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $95.6790, with a volume of 19,655,448 shares changing hands.

Direxion Daily Semiconductors Bull 3X ETF Stock Up 7.3%

The firm has a market cap of $21.89 billion, a P/E ratio of 35.63 and a beta of 5.75. The firm’s 50-day simple moving average is $124.87 and its 200 day simple moving average is $122.45.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3X ETF

A number of hedge funds have recently modified their holdings of the stock. SteelPeak Wealth LLC boosted its position in Direxion Daily Semiconductors Bull 3X ETF by 1.2% during the first quarter. SteelPeak Wealth LLC now owns 22,757 shares of the company’s stock valued at $1,090,000 after buying an additional 266 shares during the period. Clay Northam Wealth Management LLC grew its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 6.8% during the third quarter. Clay Northam Wealth Management LLC now owns 4,715 shares of the company’s stock valued at $697,000 after buying an additional 300 shares during the last quarter. Kaizen Financial Strategies grew its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 4.6% during the first quarter. Kaizen Financial Strategies now owns 7,960 shares of the company’s stock valued at $381,000 after buying an additional 350 shares during the last quarter. Anchor Investment Management LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3X ETF in the second quarter worth about $107,000. Finally, Western Wealth Management LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3X ETF in the first quarter worth about $33,000.

Direxion Daily Semiconductors Bull 3X ETF 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.