Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading 7% Higher – Should You Buy?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price traded up 7% during mid-day trading on Tuesday . The company traded as high as $44.37 and last traded at $44.1980. 24,692,838 shares were traded during trading, a decline of 80% from the average session volume of 124,312,055 shares. The stock had previously closed at $41.31.

Direxion Daily Semiconductors Bull 3x Shares Stock Up 5.5%

The stock’s 50-day moving average price is $39.90 and its 200 day moving average price is $30.01. The firm has a market capitalization of $12.77 billion, a price-to-earnings ratio of 35.63 and a beta of 4.52.

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

A number of institutional investors have recently added to or reduced their stakes in SOXL. Bank of Nova Scotia purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares in the 1st quarter valued at $416,000. Headlands Technologies LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the 1st quarter valued at about $663,000. Belvedere Trading LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the 1st quarter valued at about $2,040,000. Meridian Wealth Management LLC grew its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 6.6% in the first quarter. Meridian Wealth Management LLC now owns 10,058 shares of the company’s stock valued at $160,000 after purchasing an additional 624 shares during the period. Finally, Rathbones Group PLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the first quarter valued at about $212,000.

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.