Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Stock Falls 10.1% – What’s Next?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL)’s share price dropped 10.1% during mid-day trading on Monday. The stock traded as low as $70.71 and last traded at $69.2750. Approximately 98,625,092 shares were traded during trading, an increase of 33% from the average daily volume of 74,331,477 shares. The stock had previously closed at $77.05.

Direxion Daily Semiconductors Bull 3X ETF Trading Down 11.5%

The business has a 50 day moving average of $121.07 and a 200-day moving average of $123.52. The stock has a market cap of $16.68 billion, a PE ratio of 35.63 and a beta of 5.75.

Institutional Trading of Direxion Daily Semiconductors Bull 3X ETF

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC purchased a new position in Direxion Daily Semiconductors Bull 3X ETF in the 3rd quarter valued at about $2,663,000. Covestor Ltd boosted its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 10.8% during the 3rd quarter. Covestor Ltd now owns 2,696 shares of the company’s stock worth $399,000 after purchasing an additional 263 shares during the last quarter. Serenity Investment Advisors grew its holdings in shares of Direxion Daily Semiconductors Bull 3X ETF by 8.3% during the third quarter. Serenity Investment Advisors now owns 2,627 shares of the company’s stock worth $388,000 after buying an additional 201 shares in the last quarter. Hoey Investments Inc. acquired a new position in shares of Direxion Daily Semiconductors Bull 3X ETF in the third quarter valued at approximately $909,000. Finally, PayPay Securities Corp raised its position in shares of Direxion Daily Semiconductors Bull 3X ETF by 105.8% in the third quarter. PayPay Securities Corp now owns 856 shares of the company’s stock valued at $127,000 after buying an additional 440 shares during the last quarter.

About Direxion Daily Semiconductors Bull 3X ETF

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.