Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Up 6% – Should You Buy?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) rose 6% on Friday . The company traded as high as $28.64 and last traded at $28.78. Approximately 22,974,685 shares changed hands during trading, a decline of 71% from the average daily volume of 78,463,141 shares. The stock had previously closed at $27.15.

Direxion Daily Semiconductors Bull 3x Shares Trading Up 3.6 %

The company has a market cap of $7.62 billion, a price-to-earnings ratio of 37.08 and a beta of 5.47. The firm’s fifty day moving average price is $29.41 and its 200-day moving average price is $33.69.

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

Several hedge funds have recently bought and sold shares of the company. TB Alternative Assets Ltd. grew its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 29.5% in the fourth quarter. TB Alternative Assets Ltd. now owns 622,886 shares of the company’s stock valued at $17,011,000 after purchasing an additional 141,941 shares during the last quarter. CloudAlpha Capital Management Limited Hong Kong grew its holdings in Direxion Daily Semiconductors Bull 3x Shares by 116.3% in the 3rd quarter. CloudAlpha Capital Management Limited Hong Kong now owns 383,010 shares of the company’s stock valued at $14,049,000 after buying an additional 205,910 shares in the last quarter. Flow Traders U.S. LLC increased its position in Direxion Daily Semiconductors Bull 3x Shares by 30.8% during the 3rd quarter. Flow Traders U.S. LLC now owns 106,628 shares of the company’s stock worth $3,911,000 after buying an additional 25,079 shares during the period. International Assets Investment Management LLC bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the third quarter worth approximately $3,781,000. Finally, Taika Capital LP bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at approximately $3,765,000.

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.