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

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS)’s share price gapped up prior to trading on Tuesday. The stock had previously closed at $46.63, but opened at $48.64. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $49.50, with a volume of 20,490,226 shares.

Direxion Daily Semiconductors Bear 3X ETF Stock Performance

The stock has a 50-day moving average price of $41.93 and a two-hundred day moving average price of $73.64.

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

Hedge funds have recently modified their holdings of the stock. OceanIQ Capital LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $44,000. NewEdge Advisors LLC bought a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at $45,000. PCG Wealth Advisors LLC bought a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth about $55,000. Corient Private Wealth LP bought a new position in Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $78,000. Finally, Tidal Investments LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth about $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.