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

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) shares gapped up prior to trading on Thursday. The stock had previously closed at $33.66, but opened at $35.45. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $34.91, with a volume of 30,277,163 shares.

Direxion Daily Semiconductors Bear 3X ETF Trading Down 3.6%

The stock’s 50 day simple moving average is $46.51 and its two-hundred day simple moving average is $121.01.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOXS. Tidal Investments LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at $117,000. NewEdge Advisors LLC bought a new position in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth about $45,000. Allworth Financial LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $130,000. Corient Private Wealth LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $78,000. Finally, PCG Wealth Advisors LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $55,000.

About Direxion Daily Semiconductors Bear 3X ETF

Direxion Daily Semiconductor Bear 3x shares seek daily investment results of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index (Semiconductor Index). The Semiconductor Index measures the performance of the semiconductor subsector of the United States equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of February 18, 2010, the Semiconductor Index included companies with capitalizations between $1.7 billion and $114 billion.