Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Shares Down 5.5% – Should You Sell?

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS)’s share price traded down 5.5% on Wednesday . The stock traded as low as $48.08 and last traded at $48.27. Approximately 13,672,588 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 33,169,234 shares. The stock had previously closed at $51.10.

Direxion Daily Semiconductors Bear 3X ETF Stock Performance

The firm’s 50-day simple moving average is $47.80 and its 200-day simple moving average is $138.81.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bear 3X ETF

Several institutional investors and hedge funds have recently bought and sold shares of SOXS. Tidal Investments LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $117,000. NewEdge Advisors LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $45,000. Allworth Financial LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $130,000. Corient Private Wealth LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $78,000. Finally, PCG Wealth Advisors LLC bought a new stake in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at approximately $55,000.

About Direxion Daily Semiconductors Bear 3X ETF

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.