Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Down 8.5% – Should You Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price were down 8.5% during trading on Friday . The stock traded as low as $27.46 and last traded at $27.62. Approximately 47,458,060 shares traded hands during trading, a decline of 35% from the average daily volume of 73,436,844 shares. The stock had previously closed at $30.18.

Direxion Daily Semiconductors Bull 3x Shares Stock Performance

The firm has a 50 day moving average price of $29.58 and a 200-day moving average price of $36.46. The company has a market cap of $7.60 billion, a P/E ratio of 37.08 and a beta of 5.47.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bull 3x Shares

Institutional investors have recently modified their holdings of the company. Anchor Investment Management LLC raised its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 83.6% during the third quarter. Anchor Investment Management LLC now owns 1,285 shares of the company’s stock valued at $47,000 after buying an additional 585 shares during the last quarter. Morse Asset Management Inc lifted its stake in Direxion Daily Semiconductors Bull 3x Shares by 88.2% in the third quarter. Morse Asset Management Inc now owns 30,542 shares of the company’s stock valued at $1,120,000 after buying an additional 14,317 shares during the period. Barclays PLC raised its stake in Direxion Daily Semiconductors Bull 3x Shares by 57.2% during the 3rd quarter. Barclays PLC now owns 24,421 shares of the company’s stock worth $896,000 after buying an additional 8,890 shares during the period. Taika Capital LP acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the third quarter worth $3,765,000. Finally, HighTower Advisors LLC grew its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 55.7% during the 3rd quarter. HighTower Advisors LLC now owns 9,118 shares of the company’s stock worth $335,000 after acquiring an additional 3,263 shares in the last quarter.

Direxion Daily Semiconductors Bull 3x Shares Company Profile

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.