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

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped down before the market opened on Monday . The stock had previously closed at $29.69, but opened at $28.24. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $27.54, with a volume of 19,194,706 shares changing hands.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 5.3 %

The stock has a 50 day simple moving average of $30.57 and a 200 day simple moving average of $38.47. The firm has a market capitalization of $7.62 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 have recently made changes to their positions in the company. Anchor Investment Management LLC grew its position 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 worth $47,000 after buying an additional 585 shares during the period. Covestor Ltd boosted its stake 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 in the last quarter. Signaturefd LLC grew its holdings in Direxion Daily Semiconductors Bull 3x Shares by 17.6% in the third quarter. Signaturefd LLC now owns 2,000 shares of the company’s stock worth $73,000 after purchasing an additional 300 shares during the period. Bogart Wealth LLC bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the 3rd quarter worth approximately $106,000. Finally, Hollencrest Capital Management grew its stake in shares of 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 buying an additional 2,863 shares during the last quarter.

About Direxion Daily Semiconductors Bull 3x Shares

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.