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

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped down before the market opened on Thursday . The stock had previously closed at $21.95, but opened at $19.71. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $20.53, with a volume of 27,260,489 shares.

Direxion Daily Semiconductors Bull 3x Shares Price Performance

The stock has a market cap of $6.03 billion, a P/E ratio of 29.74 and a beta of 3.96. The stock’s 50 day simple moving average is $28.18 and its two-hundred day simple moving average is $31.24.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the fourth quarter worth about $29,000. Lindbrook Capital LLC raised its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 70.6% in the fourth quarter. Lindbrook Capital LLC now owns 1,450 shares of the company’s stock valued at $40,000 after purchasing an additional 600 shares during the last quarter. Anchor Investment Management LLC grew its position in Direxion Daily Semiconductors Bull 3x Shares by 83.6% in the third quarter. Anchor Investment Management LLC now owns 1,285 shares of the company’s stock valued at $47,000 after purchasing an additional 585 shares in the last quarter. PayPay Securities Corp increased its stake in Direxion Daily Semiconductors Bull 3x Shares by 21.6% in the 4th quarter. PayPay Securities Corp now owns 2,269 shares of the company’s stock valued at $62,000 after buying an additional 403 shares during the last quarter. Finally, Covestor Ltd boosted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 101.4% during the 3rd quarter. Covestor Ltd now owns 1,766 shares of the company’s stock worth $65,000 after buying an additional 889 shares during the last quarter.

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.