Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Up 7.6% – Time to Buy?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shot up 7.6% during trading on Wednesday . The stock traded as high as $250.21 and last traded at $243.48. Approximately 10,235,817 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 77,397,922 shares. The stock had previously closed at $226.19.

Direxion Daily Semiconductors Bull 3x Shares Stock Up 19.4%

The stock’s 50 day moving average price is $168.37 and its two-hundred day moving average price is $94.37. The stock has a market cap of $37.84 billion, a price-to-earnings ratio of 35.63 and a beta of 5.70.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of institutional investors have recently modified their holdings of the stock. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter worth about $25,000. Raymond James Financial Inc. purchased a new position in Direxion Daily Semiconductors Bull 3x Shares during the second quarter valued at approximately $25,000. Halbert Hargrove Global Advisors LLC raised its position in Direxion Daily Semiconductors Bull 3x Shares by 32.5% during 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 in the last quarter. Western Wealth Management LLC acquired a new position in Direxion Daily Semiconductors Bull 3x Shares in the first quarter valued at approximately $33,000. Finally, 1248 Management LLC lifted its holdings in Direxion Daily Semiconductors Bull 3x Shares by 33.3% in the fourth quarter. 1248 Management LLC now owns 800 shares of the company’s stock valued at $34,000 after acquiring an additional 200 shares during the period.

Direxion Daily Semiconductors Bull 3x Shares 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.