Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Gap Up – Time to 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 changing hands.

Direxion Daily Semiconductors Bull 3X ETF Price Performance

The stock has a market capitalization of $27.29 billion, a P/E ratio of 35.63 and a beta of 5.75. The stock’s 50-day simple moving average is $122.34 and its 200 day simple moving average is $123.16.

Institutional Trading of Direxion Daily Semiconductors Bull 3X ETF

Several hedge funds and other institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC lifted its holdings in shares of Direxion Daily Semiconductors Bull 3X ETF by 1.2% during the first quarter. SteelPeak Wealth LLC now owns 22,757 shares of the company’s stock worth $1,090,000 after buying an additional 266 shares in the last quarter. Clay Northam Wealth Management LLC grew its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 6.8% in the third quarter. Clay Northam Wealth Management LLC now owns 4,715 shares of the company’s stock valued at $697,000 after acquiring an additional 300 shares in the last quarter. Kaizen Financial Strategies grew its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 4.6% in the first quarter. Kaizen Financial Strategies now owns 7,960 shares of the company’s stock valued at $381,000 after acquiring an additional 350 shares in the last quarter. Anchor Investment Management LLC bought a new position in Direxion Daily Semiconductors Bull 3X ETF during the second quarter worth about $107,000. Finally, PayPay Securities Corp increased its position in Direxion Daily Semiconductors Bull 3X ETF by 105.8% during the third quarter. PayPay Securities Corp now owns 856 shares of the company’s stock worth $127,000 after acquiring an additional 440 shares during the period.

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.