Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Shares Gap Up – Time to Buy?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) gapped up before the market opened on Thursday . The stock had previously closed at $29.94, but opened at $31.46. Direxion Daily Semiconductors Bull 3x Shares shares last traded at $30.57, with a volume of 16,048,875 shares.

Direxion Daily Semiconductors Bull 3x Shares Stock Performance

The company has a market cap of $8.80 billion, a P/E ratio of 37.08 and a beta of 5.47. The business’s fifty day moving average is $29.20 and its two-hundred day moving average is $35.71.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Edgestream Partners L.P. increased its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 208.9% during the second quarter. Edgestream Partners L.P. now owns 17,940 shares of the company’s stock worth $993,000 after purchasing an additional 12,133 shares in the last quarter. XTX Topco Ltd acquired a new position in Direxion Daily Semiconductors Bull 3x Shares during the 2nd quarter valued at approximately $503,000. Morse Asset Management Inc raised its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 31.1% in the second quarter. Morse Asset Management Inc now owns 16,225 shares of the company’s stock worth $898,000 after buying an additional 3,848 shares during the last quarter. Westwood Wealth Management increased its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 4.0% in the second quarter. Westwood Wealth Management now owns 226,970 shares of the company’s stock valued at $12,565,000 after purchasing an additional 8,655 shares during the period. Finally, Creative Planning acquired a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter worth $216,000.

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.