Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Down 7% – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares dropped 7% on Wednesday . The stock traded as low as $209.99 and last traded at $210.00. Approximately 37,201,995 shares traded hands during mid-day trading, a decline of 53% from the average daily volume of 79,648,375 shares. The stock had previously closed at $225.79.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 0.6%

The stock has a market capitalization of $30.27 billion, a P/E ratio of 35.63 and a beta of 5.55. The firm’s 50 day simple moving average is $113.78 and its two-hundred day simple moving average is $73.68.

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

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Serenity Investment Advisors bought a new stake in Direxion Daily Semiconductors Bull 3x Shares in the first quarter valued at $116,000. Vestor Capital LLC increased its stake in Direxion Daily Semiconductors Bull 3x Shares by 70.0% in the first quarter. Vestor Capital LLC now owns 4,326 shares of the company’s stock valued at $207,000 after purchasing an additional 1,782 shares in the last quarter. Western Wealth Management LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares in the first quarter valued at $33,000. Lido Advisors LLC increased its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 120.6% during the first quarter. Lido Advisors LLC now owns 13,079 shares of the company’s stock worth $627,000 after acquiring an additional 7,150 shares in the last quarter. Finally, Clearwater Capital Advisors LLC bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares during the first quarter worth about $791,000.

Direxion Daily Semiconductors Bull 3x Shares Company Profile

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.