Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Up – Still a Buy?

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL)’s share price gapped up before the market opened on Tuesday. The stock had previously closed at $90.50, but opened at $95.04. Direxion Daily Semiconductors Bull 3X ETF shares last traded at $95.6790, with a volume of 19,655,448 shares traded.

Direxion Daily Semiconductors Bull 3X ETF Trading Up 7.3%

The stock’s 50-day simple moving average is $124.87 and its 200-day simple moving average is $122.45. The firm has a market capitalization of $21.89 billion, a P/E ratio of 35.63 and a beta of 5.75.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bull 3X ETF

A number of hedge funds and other institutional investors have recently modified their holdings of the business. IMC Chicago LLC increased its position in shares of Direxion Daily Semiconductors Bull 3X ETF by 550.1% during the first quarter. IMC Chicago LLC now owns 383,819 shares of the company’s stock valued at $18,389,000 after acquiring an additional 324,775 shares during the last quarter. Optiver Holding B.V. grew its stake in Direxion Daily Semiconductors Bull 3X ETF by 831.0% in the 1st quarter. Optiver Holding B.V. now owns 281,863 shares of the company’s stock valued at $13,525,000 after purchasing an additional 251,587 shares during the period. Client First Investment Management LLC grew its stake in Direxion Daily Semiconductors Bull 3X ETF by 117.3% in the 3rd quarter. Client First Investment Management LLC now owns 32,643 shares of the company’s stock valued at $4,827,000 after purchasing an additional 17,621 shares during the period. SteelPeak Wealth LLC grew its stake in Direxion Daily Semiconductors Bull 3X ETF by 1.2% in the 1st quarter. SteelPeak Wealth LLC now owns 22,757 shares of the company’s stock valued at $1,090,000 after purchasing an additional 266 shares during the period. Finally, Variant Private Wealth LLC purchased a new stake in shares of Direxion Daily Semiconductors Bull 3X ETF during the 3rd quarter valued at $2,705,000.

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.