Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) Shares Gap Up – Still a Buy?

Shares of Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) gapped up before the market opened on Tuesday . The stock had previously closed at $8.20, but opened at $8.75. Direxion Daily Semiconductors Bear 3x Shares shares last traded at $8.62, with a volume of 97,314,904 shares trading hands.

Direxion Daily Semiconductors Bear 3x Shares Stock Performance

The stock has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $46.94.

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

Institutional investors and hedge funds have recently modified their holdings of the stock. Game Plan Financial Advisors LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3x Shares in the 3rd quarter worth about $45,000. Toronto Dominion Bank grew its position in Direxion Daily Semiconductors Bear 3x Shares by 114.0% during the 4th quarter. Toronto Dominion Bank now owns 11,743 shares of the company’s stock valued at $36,000 after purchasing an additional 95,743 shares during the last quarter. IFP Advisors Inc bought a new stake in Direxion Daily Semiconductors Bear 3x Shares during the 4th quarter valued at about $43,000. Tidal Investments LLC bought a new stake in Direxion Daily Semiconductors Bear 3x Shares during the 2nd quarter valued at about $109,000. Finally, PFG Investments LLC purchased a new position in Direxion Daily Semiconductors Bear 3x Shares in the third quarter worth about $75,000.

About Direxion Daily Semiconductors Bear 3x Shares

Direxion Daily Semiconductor Bear 3x shares seek daily investment results of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index (Semiconductor Index). The Semiconductor Index measures the performance of the semiconductor subsector of the United States equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of February 18, 2010, the Semiconductor Index included companies with capitalizations between $1.7 billion and $114 billion.