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

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares gapped down prior to trading on Wednesday . The stock had previously closed at $27.40, but opened at $26.18. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $26.95, with a volume of 20,456,206 shares changing hands.

Direxion Daily Semiconductors Bull 3x Shares Stock Performance

The company’s fifty day simple moving average is $29.16 and its two-hundred day simple moving average is $32.12. The stock has a market capitalization of $7.35 billion, a P/E ratio of 37.08 and a beta of 5.47.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter valued at about $27,180,000. TB Alternative Assets Ltd. acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the 3rd quarter worth approximately $17,641,000. Simplex Trading LLC increased its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 30.8% during the fourth quarter. Simplex Trading LLC now owns 1,000,338 shares of the company’s stock worth $27,319,000 after purchasing an additional 235,607 shares during the period. CloudAlpha Capital Management Limited Hong Kong raised its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 116.3% in the third quarter. CloudAlpha Capital Management Limited Hong Kong now owns 383,010 shares of the company’s stock valued at $14,049,000 after buying an additional 205,910 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at approximately $3,781,000.

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.