Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Down – Should You Sell?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares gapped down prior to trading on Tuesday. The stock had previously closed at $128.40, but opened at $118.42. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $123.0430, with a volume of 24,334,386 shares traded.

Direxion Daily Semiconductors Bull 3X ETF Stock Down 7.9%

The stock’s 50 day moving average price is $131.03 and its 200-day moving average price is $149.33. The stock has a market capitalization of $18.20 billion, a P/E ratio of 35.63 and a beta of 5.75.

Institutional Trading of Direxion Daily Semiconductors Bull 3X ETF

A number of hedge funds have recently bought and sold shares of the stock. Halbert Hargrove Global Advisors LLC grew its stake in Direxion Daily Semiconductors Bull 3X ETF by 32.5% in the first quarter. Halbert Hargrove Global Advisors LLC now owns 563 shares of the company’s stock valued at $27,000 after purchasing an additional 138 shares during the last quarter. Western Wealth Management LLC bought a new position in Direxion Daily Semiconductors Bull 3X ETF in the first quarter worth about $33,000. St. Johns Investment Management Company LLC bought a new position in Direxion Daily Semiconductors Bull 3X ETF in the first quarter worth about $38,000. SHP Wealth Management purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the fourth quarter valued at about $57,000. Finally, Anchor Investment Management LLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the second quarter valued at about $107,000.

About Direxion Daily Semiconductors Bull 3X ETF

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.