Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Down 11.6% – What’s Next?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares traded down 11.6% during mid-day trading on Thursday. The stock traded as low as $89.35 and last traded at $91.3010. Approximately 35,087,974 shares traded hands during trading, a decline of 51% from the average daily volume of 72,334,477 shares. The stock had previously closed at $103.24.

Direxion Daily Semiconductors Bull 3X ETF Price Performance

The firm’s 50-day moving average price is $124.32 and its 200-day moving average price is $151.82. The company has a market cap of $18.55 billion, a price-to-earnings ratio of 35.63 and a beta of 5.75.

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

Several hedge funds have recently modified their holdings of the stock. Clay Northam Wealth Management LLC purchased a new position in Direxion Daily Semiconductors Bull 3X ETF in the 2nd quarter worth approximately $1,178,000. IMC Chicago LLC raised its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 550.1% during the first quarter. IMC Chicago LLC now owns 383,819 shares of the company’s stock valued at $18,389,000 after purchasing an additional 324,775 shares during the period. Triton Wealth Management PLLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the first quarter valued at approximately $731,000. WJ Financial Advisors LLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the first quarter valued at approximately $398,000. Finally, SG Americas Securities LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3X ETF during the first quarter worth $328,000.

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.