Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Up 8.5% – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares traded up 8.5% during trading on Wednesday . The stock traded as high as $52.27 and last traded at $51.98. 40,058,079 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 85,748,156 shares. The stock had previously closed at $47.91.

Direxion Daily Semiconductors Bull 3x Shares Trading Up 11.9%

The stock has a 50-day simple moving average of $59.09 and a 200-day simple moving average of $48.30. The company has a market cap of $10.32 billion, a price-to-earnings ratio of 35.63 and a beta of 4.52.

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

Several institutional investors have recently bought and sold shares of the stock. SHP Wealth Management acquired a new position in Direxion Daily Semiconductors Bull 3x Shares during the 4th quarter valued at about $57,000. Kovitz Investment Group Partners LLC lifted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 171.4% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 15,993 shares of the company’s stock worth $672,000 after acquiring an additional 10,100 shares during the period. Axxcess Wealth Management LLC acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the 4th quarter worth approximately $548,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter valued at approximately $1,293,000. Finally, EP Wealth Advisors LLC bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter valued at approximately $275,000.

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.