Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Down 12.2% – Should You Sell?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) dropped 12.2% on Friday . The stock traded as low as $37.40 and last traded at $37.7460. Approximately 70,180,190 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 124,922,016 shares. The stock had previously closed at $43.01.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 8.9%

The firm has a market cap of $11.48 billion, a P/E ratio of 35.63 and a beta of 4.52. The business has a 50-day moving average price of $36.59 and a 200-day moving average price of $26.83.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOXL. Parallel Advisors LLC boosted its position in Direxion Daily Semiconductors Bull 3x Shares by 194.9% during the 2nd quarter. Parallel Advisors LLC now owns 16,257 shares of the company’s stock valued at $408,000 after acquiring an additional 10,745 shares in the last quarter. Bank of Nova Scotia purchased a new position in Direxion Daily Semiconductors Bull 3x Shares in the first quarter valued at about $416,000. Stuart Chaussee & Associates Inc. bought a new position in Direxion Daily Semiconductors Bull 3x Shares in the first quarter worth about $750,000. Morse Asset Management Inc boosted its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 23.0% in the 1st quarter. Morse Asset Management Inc now owns 38,028 shares of the company’s stock valued at $607,000 after buying an additional 7,118 shares in the last quarter. Finally, XTX Topco Ltd grew its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 370.4% in the 1st quarter. XTX Topco Ltd now owns 103,848 shares of the company’s stock worth $1,656,000 after buying an additional 81,771 shares during the last quarter.

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.