Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Up – Still a Buy?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares gapped up before the market opened on Tuesday. The stock had previously closed at $68.17, but opened at $73.75. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $74.3240, with a volume of 42,614,174 shares trading hands.

Direxion Daily Semiconductors Bull 3X ETF Price Performance

The firm has a 50 day moving average of $120.02 and a 200-day moving average of $123.58. The stock has a market capitalization of $18.50 billion, a P/E ratio of 35.63 and a beta of 5.75.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOXL. United Advisor Group LLC boosted its position in shares of Direxion Daily Semiconductors Bull 3X ETF by 222.8% during the 3rd quarter. United Advisor Group LLC now owns 6,230 shares of the company’s stock valued at $921,000 after acquiring an additional 4,300 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in Direxion Daily Semiconductors Bull 3X ETF during the third quarter valued at $2,663,000. Covestor Ltd lifted its position in Direxion Daily Semiconductors Bull 3X ETF by 10.8% during the third quarter. Covestor Ltd now owns 2,696 shares of the company’s stock valued at $399,000 after purchasing an additional 263 shares during the last quarter. Serenity Investment Advisors lifted its position in Direxion Daily Semiconductors Bull 3X ETF by 8.3% during the third quarter. Serenity Investment Advisors now owns 2,627 shares of the company’s stock valued at $388,000 after purchasing an additional 201 shares during the last quarter. Finally, Hoey Investments Inc. bought a new position in Direxion Daily Semiconductors Bull 3X ETF during the third quarter valued at $909,000.

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.