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

Shares of Direxion Daily Semiconductors Bear 3x Shares (NYSEARCA:SOXS) gapped down prior to trading on Wednesday . The stock had previously closed at $9.93, but opened at $9.30. Direxion Daily Semiconductors Bear 3x Shares shares last traded at $9.03, with a volume of 69,019,516 shares traded.

Direxion Daily Semiconductors Bear 3x Shares Price Performance

The stock’s 50 day simple moving average is $25.57 and its 200 day simple moving average is $44.25.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bear 3x Shares

Hedge funds and other institutional investors have recently modified their holdings of the business. Game Plan Financial Advisors LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the third quarter valued at approximately $45,000. Toronto Dominion Bank boosted its stake in shares of Direxion Daily Semiconductors Bear 3x Shares by 114.0% during the fourth quarter. Toronto Dominion Bank now owns 11,743 shares of the company’s stock valued at $36,000 after purchasing an additional 95,743 shares in the last quarter. IFP Advisors Inc bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the fourth quarter valued at approximately $43,000. Tidal Investments LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the second quarter valued at approximately $109,000. Finally, PFG Investments LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3x Shares during the third quarter valued at approximately $75,000.

About Direxion Daily Semiconductors Bear 3x Shares

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.