Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Down 11.6% – Time to Sell?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL)’s stock price dropped 11.6% during mid-day trading on Thursday. The company traded as low as $89.35 and last traded at $91.3010. Approximately 35,087,974 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 72,334,477 shares. The stock had previously closed at $103.24.

Direxion Daily Semiconductors Bull 3X ETF Stock Down 20.5%

The firm has a fifty day moving average of $126.81 and a 200-day moving average of $152.09. The firm has a market cap of $15.42 billion, a P/E ratio of 35.63 and a beta of 5.75.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3X ETF

A number of institutional investors and hedge funds have recently made changes to their positions in SOXL. IMC Chicago LLC boosted its holdings in shares of Direxion Daily Semiconductors Bull 3X ETF by 550.1% in the 1st quarter. IMC Chicago LLC now owns 383,819 shares of the company’s stock valued at $18,389,000 after buying an additional 324,775 shares during the last quarter. Optiver Holding B.V. increased its holdings in Direxion Daily Semiconductors Bull 3X ETF by 831.0% during the first quarter. Optiver Holding B.V. now owns 281,863 shares of the company’s stock worth $13,525,000 after buying an additional 251,587 shares during the last quarter. Variant Private Wealth LLC acquired a new position in Direxion Daily Semiconductors Bull 3X ETF during the third quarter worth $2,705,000. Client First Investment Management LLC raised its position in Direxion Daily Semiconductors Bull 3X ETF by 117.3% during the third quarter. Client First Investment Management LLC now owns 32,643 shares of the company’s stock worth $4,827,000 after acquiring an additional 17,621 shares in the last quarter. Finally, Clearwater Capital Advisors LLC bought a new stake in Direxion Daily Semiconductors Bull 3X ETF during the first quarter worth $791,000.

Direxion Daily Semiconductors Bull 3X ETF Company Profile

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.