Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Up – Time to Buy?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped up prior to trading on Tuesday . The stock had previously closed at $165.37, but opened at $187.69. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $177.82, with a volume of 17,297,485 shares trading hands.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 6.3%

The company has a 50-day simple moving average of $209.18 and a 200 day simple moving average of $116.82. The firm has a market cap of $21.94 billion, a PE ratio of 35.63 and a beta of 5.66.

Institutional Trading of Direxion Daily Semiconductors Bull 3x Shares

Hedge funds have recently added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC boosted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 32.5% during the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 563 shares of the company’s stock worth $27,000 after acquiring an additional 138 shares in the last quarter. Verus Capital Partners LLC grew its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 1.7% during the 4th quarter. Verus Capital Partners LLC now owns 11,774 shares of the company’s stock valued at $495,000 after acquiring an additional 200 shares during the period. 1248 Management LLC increased its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 33.3% in the 4th quarter. 1248 Management LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 200 shares in the last quarter. SteelPeak Wealth LLC increased its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 1.2% in the 1st quarter. SteelPeak Wealth LLC now owns 22,757 shares of the company’s stock valued at $1,090,000 after purchasing an additional 266 shares in the last quarter. Finally, Kaizen Financial Strategies raised its holdings in Direxion Daily Semiconductors Bull 3x Shares by 4.6% in the 1st quarter. Kaizen Financial Strategies now owns 7,960 shares of the company’s stock worth $381,000 after purchasing an additional 350 shares during the period.

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.