Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Down 7.4% – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s stock price dropped 7.4% on Wednesday . The stock traded as low as $37.01 and last traded at $37.4820. Approximately 51,882,187 shares traded hands during trading, a decline of 58% from the average daily volume of 122,729,734 shares. The stock had previously closed at $40.49.

Direxion Daily Semiconductors Bull 3x Shares Trading Down 9.5%

The stock has a market capitalization of $10.74 billion, a PE ratio of 35.63 and a beta of 4.52. The stock’s fifty day simple moving average is $41.89 and its 200-day simple moving average is $32.22.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of institutional investors have recently added to or reduced their stakes in SOXL. Raymond James Financial Inc. purchased a new stake in Direxion Daily Semiconductors Bull 3x Shares in the 2nd quarter valued at about $25,000. Optimum Investment Advisors boosted its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 550.0% in the 2nd quarter. Optimum Investment Advisors now owns 1,300 shares of the company’s stock worth $33,000 after buying an additional 1,100 shares during the last quarter. Addison Advisors LLC bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at approximately $33,000. Quent Capital LLC bought a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter valued at approximately $71,000. Finally, Spire Wealth Management increased its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 52.1% during the third quarter. Spire Wealth Management now owns 2,926 shares of the company’s stock valued at $102,000 after acquiring an additional 1,002 shares during the last quarter.

About Direxion Daily Semiconductors Bull 3x Shares

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.