Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) Shares Gap Up – Still a Buy?

Shares of Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) gapped up prior to trading on Thursday . The stock had previously closed at $2.82, but opened at $2.92. Direxion Daily Semiconductors Bear 3x Shares shares last traded at $3.0150, with a volume of 119,898,301 shares traded.

Direxion Daily Semiconductors Bear 3x Shares Stock Performance

The firm has a fifty day simple moving average of $3.78 and a two-hundred day simple moving average of $6.39.

Institutional Trading of Direxion Daily Semiconductors Bear 3x Shares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOXS. BNP Paribas Financial Markets grew its stake in Direxion Daily Semiconductors Bear 3x Shares by 277.8% in the 1st quarter. BNP Paribas Financial Markets now owns 1,700,000 shares of the company’s stock worth $49,283,000 after acquiring an additional 1,250,000 shares in the last quarter. Lane Generational LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the 3rd quarter worth $6,309,000. IHT Wealth Management LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3x Shares in the 2nd quarter valued at about $7,441,000. Simplex Trading LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the second quarter valued at approximately $3,970,000. Finally, SBI Securities Co. Ltd. increased its holdings in Direxion Daily Semiconductors Bear 3x Shares by 285.7% during the third quarter. SBI Securities Co. Ltd. now owns 676,299 shares of the company’s stock valued at $3,496,000 after buying an additional 500,969 shares during the period.

About Direxion Daily Semiconductors Bear 3x Shares

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.