Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL) Shares Down 7.7% – Here’s What Happened

Direxion Daily Semiconductors Bull 3X ETF (NYSEARCA:SOXL)’s share price dropped 7.7% during mid-day trading on Wednesday. The stock traded as low as $117.00 and last traded at $117.6890. Approximately 26,626,648 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 71,262,672 shares. The stock had previously closed at $127.57.

Direxion Daily Semiconductors Bull 3X ETF Stock Down 13.4%

The stock’s 50 day moving average is $130.79 and its 200 day moving average is $149.83. The firm has a market cap of $17.21 billion, a price-to-earnings ratio of 35.63 and a beta of 5.75.

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

A number of large investors have recently added to or reduced their stakes in the business. Halbert Hargrove Global Advisors LLC lifted its stake in shares of Direxion Daily Semiconductors Bull 3X ETF by 32.5% during the 1st quarter. Halbert Hargrove Global Advisors LLC now owns 563 shares of the company’s stock worth $27,000 after buying an additional 138 shares during the last quarter. Western Wealth Management LLC acquired a new position in Direxion Daily Semiconductors Bull 3X ETF in the 1st quarter valued at $33,000. St. Johns Investment Management Company LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3X ETF in the first quarter valued at about $38,000. SHP Wealth Management bought a new position in shares of Direxion Daily Semiconductors Bull 3X ETF during the fourth quarter worth approximately $57,000. Finally, Anchor Investment Management LLC acquired a new position in Direxion Daily Semiconductors Bull 3X ETF in the 2nd quarter valued at $107,000.

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.