Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Stock Price Up 20% – Still a Buy?

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS)’s stock price traded up 20% during trading on Friday. The stock traded as high as $50.77 and last traded at $50.00. Approximately 23,408,999 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 39,786,559 shares. The stock had previously closed at $41.68.

Direxion Daily Semiconductors Bear 3X ETF Trading Up 25.6%

The company’s 50-day moving average is $42.36 and its 200-day moving average is $161.66.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bear 3X ETF

A number of institutional investors have recently made changes to their positions in SOXS. OceanIQ Capital LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter valued at approximately $44,000. NewEdge Advisors LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth approximately $45,000. PCG Wealth Advisors LLC acquired a new stake in shares of Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth approximately $55,000. Corient Private Wealth LP acquired a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at approximately $78,000. Finally, Tidal Investments LLC acquired a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth $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.