Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Down – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped down prior to trading on Tuesday . The stock had previously closed at $112.79, but opened at $106.36. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $103.8180, with a volume of 17,235,071 shares.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 5.6%

The stock’s 50-day moving average price is $154.38 and its 200-day moving average price is $133.82. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of 35.63 and a beta of 5.73.

Institutional Trading of Direxion Daily Semiconductors Bull 3x Shares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOXL. Clay Northam Wealth Management LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter worth about $1,178,000. AlphaGrep UK Ltd bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the 2nd quarter valued at about $517,000. Key Client Fiduciary Advisors LLC acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter worth approximately $474,000. Client First Investment Management LLC acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter worth approximately $4,007,000. Finally, Vigilare Wealth Management bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the second quarter worth approximately $498,000.

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.