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

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS)’s share price gapped down before the market opened on Monday. The stock had previously closed at $70.95, but opened at $67.79. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $59.70, with a volume of 38,069,576 shares changing hands.

Direxion Daily Semiconductors Bear 3X ETF Stock Performance

The business’s 50-day moving average price is $44.13 and its two-hundred day moving average price is $150.23.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. OceanIQ Capital LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth about $44,000. NewEdge Advisors LLC bought a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter valued at about $45,000. PCG Wealth Advisors LLC bought a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter valued at about $55,000. Corient Private Wealth LP acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at approximately $78,000. Finally, Tidal Investments LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at approximately $117,000.

About Direxion Daily Semiconductors Bear 3X ETF

Direxion Daily Semiconductor Bear 3x shares seek daily investment results of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index (Semiconductor Index). The Semiconductor Index measures the performance of the semiconductor subsector of the United States equity market. Component companies are engaged in the design, distribution, manufacture and sale of semiconductors. As of February 18, 2010, the Semiconductor Index included companies with capitalizations between $1.7 billion and $114 billion.