Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Up 7.1% – Still a Buy?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) rose 7.1% during mid-day trading on Tuesday . The stock traded as high as $53.89 and last traded at $52.7380. Approximately 38,023,126 shares traded hands during trading, a decline of 54% from the average daily volume of 83,483,844 shares. The stock had previously closed at $49.22.

Direxion Daily Semiconductors Bull 3x Shares Price Performance

The business’s fifty day simple moving average is $42.58 and its 200 day simple moving average is $34.47. The stock has a market cap of $16.16 billion, a price-to-earnings ratio of 35.63 and a beta of 4.52.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

Several institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new position in Direxion Daily Semiconductors Bull 3x Shares in the second quarter valued at approximately $25,000. Optimum Investment Advisors increased its position in Direxion Daily Semiconductors Bull 3x Shares by 550.0% in the second quarter. Optimum Investment Advisors now owns 1,300 shares of the company’s stock worth $33,000 after buying an additional 1,100 shares during the period. Addison Advisors LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at $33,000. Quent Capital LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the third quarter valued at $71,000. Finally, Spire Wealth Management boosted its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 52.1% during the third quarter. Spire Wealth Management now owns 2,926 shares of the company’s stock valued at $102,000 after acquiring an additional 1,002 shares during the period.

About Direxion Daily Semiconductors Bull 3x Shares

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.