Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Down 11.3% – Here’s What Happened

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) were down 11.3% during mid-day trading on Wednesday . The company traded as low as $54.75 and last traded at $54.2540. Approximately 42,917,657 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 74,986,422 shares. The stock had previously closed at $61.20.

Direxion Daily Semiconductors Bull 3x Shares Stock Performance

The firm’s 50-day simple moving average is $50.42 and its 200 day simple moving average is $39.52. The company has a market cap of $10.85 billion, a P/E ratio of 35.63 and a beta of 4.52.

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

Institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter worth approximately $25,000. Optimum Investment Advisors increased its holdings in Direxion Daily Semiconductors Bull 3x Shares by 550.0% during the 2nd quarter. Optimum Investment Advisors now owns 1,300 shares of the company’s stock worth $33,000 after purchasing an additional 1,100 shares in the last quarter. Addison Advisors LLC acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the 3rd quarter valued at about $33,000. ORG Wealth Partners LLC bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter valued at about $36,000. Finally, Quent Capital LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the third quarter worth about $71,000.

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.