Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Down – Should You Sell?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares gapped down prior to trading on Thursday . The stock had previously closed at $125.87, but opened at $116.35. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $115.1170, with a volume of 16,339,332 shares changing hands.

Direxion Daily Semiconductors Bull 3X ETF Stock Performance

The firm has a fifty day simple moving average of $134.93 and a 200-day simple moving average of $136.50. The firm has a market cap of $20.64 billion, a price-to-earnings ratio of 35.63 and a beta of 5.73.

Institutional Trading of Direxion Daily Semiconductors Bull 3X ETF

A number of hedge funds have recently modified their holdings of the stock. Flow Traders U.S. LLC acquired a new position in Direxion Daily Semiconductors Bull 3X ETF in the 2nd quarter valued at about $258,000. NewEdge Advisors LLC acquired a new stake in Direxion Daily Semiconductors Bull 3X ETF during the second quarter worth approximately $270,000. HUB Investment Partners LLC acquired a new stake in Direxion Daily Semiconductors Bull 3X ETF during the second quarter worth approximately $326,000. Raymond James Financial Inc. bought a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the second quarter worth approximately $25,000. Finally, Bank of America Corp DE boosted its holdings in shares of Direxion Daily Semiconductors Bull 3X ETF by 75.2% during the second quarter. Bank of America Corp DE now owns 174,241 shares of the company’s stock worth $4,375,000 after acquiring an additional 74,815 shares during the period.

About Direxion Daily Semiconductors Bull 3X ETF

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.