Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Up – Here’s What Happened

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $56.55, but opened at $66.33. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $66.38, with a volume of 43,635,790 shares changing hands.

Direxion Daily Semiconductors Bull 3x Shares Stock Up 16.6%

The stock has a 50 day simple moving average of $58.19 and a 200 day simple moving average of $49.09. The stock has a market cap of $17.19 billion, a price-to-earnings ratio of 35.63 and a beta of 4.54.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of hedge funds have recently added to or reduced their stakes in SOXL. Flow Traders U.S. LLC acquired a new stake in Direxion Daily Semiconductors Bull 3x Shares in the second quarter valued at approximately $258,000. NewEdge Advisors LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the second quarter valued at approximately $270,000. HUB Investment Partners LLC purchased a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the second quarter valued at approximately $326,000. Raymond James Financial Inc. purchased a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the second quarter valued at approximately $25,000. Finally, Bank of America Corp DE boosted its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 75.2% during the second quarter. Bank of America Corp DE now owns 174,241 shares of the company’s stock valued at $4,375,000 after buying an additional 74,815 shares during the last quarter.

Direxion Daily Semiconductors Bull 3x Shares 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.