Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) Shares Gap Up – Here’s Why

Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) shares gapped up prior to trading on Friday . The stock had previously closed at $1.72, but opened at $1.83. Direxion Daily Semiconductors Bear 3x Shares shares last traded at $1.7850, with a volume of 344,708,626 shares traded.

Direxion Daily Semiconductors Bear 3x Shares Stock Performance

The business has a 50-day simple moving average of $2.22 and a 200-day simple moving average of $3.92.

Direxion Daily Semiconductors Bear 3x Shares shares are going to reverse split on Thursday, March 5th. The 1-20 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, March 4th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Game Plan Financial Advisors LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the 3rd quarter worth about $45,000. Toronto Dominion Bank raised its position in Direxion Daily Semiconductors Bear 3x Shares by 114.0% in the 4th quarter. Toronto Dominion Bank now owns 11,743 shares of the company’s stock worth $36,000 after purchasing an additional 95,743 shares during the period. IFP Advisors Inc bought a new stake in Direxion Daily Semiconductors Bear 3x Shares in the fourth quarter worth about $43,000. Tidal Investments LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the second quarter valued at approximately $109,000. Finally, PFG Investments LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the third quarter valued at approximately $75,000.

About Direxion Daily Semiconductors Bear 3x Shares

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.