Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Shares Gap Up – Should You Buy?

Shares of Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) gapped up before the market opened on Tuesday. The stock had previously closed at $37.19, but opened at $40.15. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $38.98, with a volume of 27,025,529 shares traded.

Direxion Daily Semiconductors Bear 3X ETF Price Performance

The firm has a 50 day moving average of $41.80 and a two-hundred day moving average of $91.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. OceanIQ Capital LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $44,000. NewEdge Advisors LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at approximately $45,000. PCG Wealth Advisors LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at approximately $55,000. Corient Private Wealth LP bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at approximately $78,000. Finally, Tidal Investments LLC acquired a new position in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter worth approximately $117,000.

About Direxion Daily Semiconductors Bear 3X ETF

Direxion Daily Semiconductor Bear 3x shares seek daily investment results of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index (Semiconductor Index). The Semiconductor Index measures the performance of the semiconductor subsector of the United States equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of February 18, 2010, the Semiconductor Index included companies with capitalizations between $1.7 billion and $114 billion.