Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Stock Falls 7.7% – Time to Sell?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares traded down 7.7% on Wednesday. The company traded as low as $117.00 and last traded at $117.6890. 26,626,648 shares were traded during mid-day trading, a decline of 63% from the average session volume of 71,262,672 shares. The stock had previously closed at $127.57.

Direxion Daily Semiconductors Bull 3X ETF Trading Down 13.4%

The company’s 50-day simple moving average is $130.79 and its 200-day simple moving average is $149.83. The stock has a market capitalization of $17.21 billion, a price-to-earnings ratio of 35.63 and a beta of 5.75.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3X ETF

Several hedge funds and other institutional investors have recently modified their holdings of SOXL. Anchor Investment Management LLC bought a new stake in Direxion Daily Semiconductors Bull 3X ETF during the 2nd quarter worth approximately $107,000. Halbert Hargrove Global Advisors LLC boosted its stake in Direxion Daily Semiconductors Bull 3X ETF by 32.5% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 563 shares of the company’s stock valued at $27,000 after acquiring an additional 138 shares during the last quarter. Western Wealth Management LLC purchased a new stake in Direxion Daily Semiconductors Bull 3X ETF in the first quarter worth $33,000. St. Johns Investment Management Company LLC bought a new stake in Direxion Daily Semiconductors Bull 3X ETF in the 1st quarter valued at about $38,000. Finally, Bouchey Financial Group Ltd. purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the 2nd quarter valued at approximately $360,000.

Direxion Daily Semiconductors Bull 3X ETF 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.