Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Down – Time to Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) shares gapped down before the market opened on Tuesday . The stock had previously closed at $194.65, but opened at $165.40. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $160.74, with a volume of 17,224,401 shares changing hands.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 21.0%

The firm has a market cap of $18.16 billion, a PE ratio of 35.63 and a beta of 5.66. The company has a 50-day simple moving average of $202.86 and a two-hundred day simple moving average of $110.19.

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

Several institutional investors have recently added to or reduced their stakes in SOXL. Pin Oak Investment Advisors Inc. purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares during the fourth quarter worth about $25,000. Raymond James Financial Inc. bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the 2nd quarter worth approximately $25,000. Halbert Hargrove Global Advisors LLC lifted its stake in Direxion Daily Semiconductors Bull 3x Shares 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 Shares during the first quarter valued at $33,000. Finally, 1248 Management LLC grew its holdings in Direxion Daily Semiconductors Bull 3x Shares by 33.3% during the fourth quarter. 1248 Management LLC now owns 800 shares of the company’s stock valued at $34,000 after purchasing an additional 200 shares during the period.

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.