Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Down 7.4% – Time to Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price dropped 7.4% on Wednesday . The company traded as low as $37.01 and last traded at $37.4820. Approximately 51,882,187 shares traded hands during trading, a decline of 58% from the average daily volume of 122,729,734 shares. The stock had previously closed at $40.49.

Direxion Daily Semiconductors Bull 3x Shares Stock Performance

The firm has a market cap of $12.23 billion, a P/E ratio of 35.63 and a beta of 4.52. The business’s 50-day simple moving average is $41.68 and its 200 day simple moving average is $32.29.

Institutional Trading of Direxion Daily Semiconductors Bull 3x Shares

A number of hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Direxion Daily Semiconductors Bull 3x Shares in the second quarter worth about $25,000. Optimum Investment Advisors lifted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 550.0% in the 2nd quarter. Optimum Investment Advisors now owns 1,300 shares of the company’s stock worth $33,000 after purchasing an additional 1,100 shares during the period. Addison Advisors LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter worth approximately $33,000. Quent Capital LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter worth approximately $71,000. Finally, Spire Wealth Management grew its position in Direxion Daily Semiconductors Bull 3x Shares by 52.1% during the third quarter. Spire Wealth Management now owns 2,926 shares of the company’s stock valued at $102,000 after buying an additional 1,002 shares during the period.

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.