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

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS)’s stock price gapped down prior to trading on Friday. The stock had previously closed at $33.79, but opened at $32.40. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $34.31, with a volume of 31,736,116 shares changing hands.

Direxion Daily Semiconductors Bear 3X ETF Stock Performance

The business’s 50 day moving average is $42.52 and its 200 day moving average is $96.14.

Institutional Trading of Direxion Daily Semiconductors Bear 3X ETF

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. OceanIQ Capital LLC purchased a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter worth approximately $44,000. NewEdge Advisors LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter worth $45,000. PCG Wealth Advisors LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter worth $55,000. Corient Private Wealth LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter valued at $78,000. Finally, Tidal Investments LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter valued at $117,000.

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.