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

Shares of Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) gapped up before the market opened on Thursday. The stock had previously closed at $58.34, but opened at $67.21. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $70.55, with a volume of 33,012,426 shares changing hands.

Direxion Daily Semiconductors Bear 3X ETF Stock Performance

The firm’s 50 day moving average price is $42.95 and its 200-day moving average price is $153.73.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Formidable Asset Management LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 3rd quarter valued at about $11,899,000. Tidal Investments LLC acquired a new position in Direxion Daily Semiconductors Bear 3X ETF in the second quarter valued at about $117,000. NewEdge Advisors LLC purchased a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth about $45,000. Allworth Financial LP purchased a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth about $130,000. Finally, Corient Private Wealth LP purchased a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth about $78,000.

Direxion Daily Semiconductors Bear 3X ETF Company Profile

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.