Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Down – Time to 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 Stock Performance

The company’s 50 day moving average price is $30.57 and its 200-day moving average price is $38.47. The company has a market cap of $7.62 billion, a price-to-earnings ratio of 37.08 and a beta of 5.47.

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

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