Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading Up 7.2% – Should You Buy?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares shot up 7.2% during mid-day trading on Friday . The company traded as high as $30.62 and last traded at $30.51. 11,918,220 shares traded hands during trading, a decline of 84% from the average session volume of 74,900,227 shares. The stock had previously closed at $28.46.

Direxion Daily Semiconductors Bull 3x Shares Trading Up 7.9 %

The business’s 50-day simple moving average is $32.03 and its 200-day simple moving average is $40.22. The company has a market capitalization of $8.32 billion, a PE ratio of 37.08 and a beta of 5.47.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC lifted its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 83.6% in the 3rd 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 period. Covestor Ltd grew its holdings in Direxion Daily Semiconductors Bull 3x Shares by 101.4% during the third quarter. Covestor Ltd now owns 1,766 shares of the company’s stock worth $65,000 after acquiring an additional 889 shares during the period. Signaturefd LLC raised its position in Direxion Daily Semiconductors Bull 3x Shares by 17.6% during the third quarter. Signaturefd LLC now owns 2,000 shares of the company’s stock valued at $73,000 after acquiring an additional 300 shares in the last quarter. Bogart Wealth LLC acquired a new position in Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at approximately $106,000. Finally, Hollencrest Capital Management boosted its position in Direxion Daily Semiconductors Bull 3x Shares by 2,726.7% in the 3rd quarter. Hollencrest Capital Management now owns 2,968 shares of the company’s stock worth $109,000 after purchasing an additional 2,863 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.