Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Down – Here’s Why

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped down before the market opened on Wednesday . The stock had previously closed at $37.98, but opened at $34.97. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $34.32, with a volume of 15,828,294 shares.

Direxion Daily Semiconductors Bull 3x Shares Price Performance

The company’s fifty day moving average price is $35.08 and its 200-day moving average price is $42.81. The stock has a market cap of $9.44 billion, a price-to-earnings ratio of 37.08 and a beta of 5.47.

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

Several hedge funds have recently modified their holdings of SOXL. Commonwealth Equity Services LLC boosted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 60.7% in the first quarter. Commonwealth Equity Services LLC now owns 47,030 shares of the company’s stock worth $2,188,000 after acquiring an additional 17,757 shares during the last quarter. Westwood Wealth Management acquired a new stake in Direxion Daily Semiconductors Bull 3x Shares in the 1st quarter valued at about $10,158,000. Hollencrest Capital Management grew its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 82,200.0% in the first quarter. Hollencrest Capital Management now owns 4,115 shares of the company’s stock valued at $191,000 after purchasing an additional 4,110 shares in the last quarter. VitalStone Financial LLC increased its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 437.1% in the first quarter. VitalStone Financial LLC now owns 2,186 shares of the company’s stock valued at $102,000 after purchasing an additional 1,779 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Direxion Daily Semiconductors Bull 3x Shares by 49.0% during the first quarter. SG Americas Securities LLC now owns 25,106 shares of the company’s stock worth $1,168,000 after buying an additional 8,260 shares in the last quarter.

Direxion Daily Semiconductors Bull 3x Shares 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.