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

Shares of Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) 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 company has a 50 day moving average of $44.13 and a 200-day moving average of $150.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of SOXS. Formidable Asset Management LLC acquired a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF in the third quarter valued at $11,899,000. Tidal Investments LLC bought a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $117,000. NewEdge Advisors LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter valued at about $45,000. Allworth Financial LP acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter valued at about $130,000. Finally, Corient Private Wealth LP bought a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the 2nd quarter valued at about $78,000.

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.