Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Up 7.1% – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price traded up 7.1% on Tuesday . The company traded as high as $53.89 and last traded at $52.7380. 38,023,126 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 83,483,844 shares. The stock had previously closed at $49.22.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 5.0%

The stock has a fifty day simple moving average of $42.83 and a 200-day simple moving average of $34.92. The company has a market capitalization of $14.45 billion, a PE ratio of 35.63 and a beta of 4.52.

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 SOXL. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 1,626.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 34,538 shares of the company’s stock worth $867,000 after buying an additional 32,538 shares during the last quarter. Parallel Advisors LLC raised its stake in Direxion Daily Semiconductors Bull 3x Shares by 194.9% during the 2nd quarter. Parallel Advisors LLC now owns 16,257 shares of the company’s stock worth $408,000 after acquiring an additional 10,745 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Direxion Daily Semiconductors Bull 3x Shares by 772.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 12,220 shares of the company’s stock worth $307,000 after acquiring an additional 10,820 shares in the last quarter. Abound Wealth Management purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares in the second quarter valued at $136,000. Finally, Surience Private Wealth LLC purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares in the second quarter valued at $1,311,000.

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.