Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Down – Here’s Why

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) shares gapped down before the market opened on Tuesday. The stock had previously closed at $98.65, but opened at $94.52. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $98.4290, with a volume of 26,010,465 shares.

Direxion Daily Semiconductors Bull 3X ETF Price Performance

The company has a market cap of $18.73 billion, a price-to-earnings ratio of 35.63 and a beta of 5.75. The business’s 50-day simple moving average is $128.30 and its 200-day simple moving average is $151.42.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Anchor Investment Management LLC purchased a new stake in Direxion Daily Semiconductors Bull 3X ETF in the 2nd quarter valued at approximately $107,000. Halbert Hargrove Global Advisors LLC grew its holdings in Direxion Daily Semiconductors Bull 3X ETF by 32.5% during the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 563 shares of the company’s stock valued at $27,000 after buying an additional 138 shares during the last quarter. Western Wealth Management LLC purchased a new position in Direxion Daily Semiconductors Bull 3X ETF during the first quarter worth $33,000. St. Johns Investment Management Company LLC purchased a new position in Direxion Daily Semiconductors Bull 3X ETF during the first quarter worth $38,000. Finally, Bouchey Financial Group Ltd. purchased a new position in Direxion Daily Semiconductors Bull 3X ETF during the second quarter worth $360,000.

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.