Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Sees Strong Trading Volume – Still a Buy?

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) shares saw strong trading volume on Wednesday. 42,534,589 shares were traded during mid-day trading, an increase of 1% from the average daily volume of 42,129,516 shares. The stock last traded at $47.76 and had previously closed at $55.36.

Direxion Daily Semiconductors Bear 3X ETF Stock Up 0.9%

The stock’s fifty day simple moving average is $44.10 and its 200-day simple moving average is $143.22.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Two Sigma Securities LLC purchased a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the second quarter valued at approximately $3,126,000. Formidable Asset Management LLC acquired a new stake in Direxion Daily Semiconductors Bear 3X ETF during the third quarter worth approximately $11,899,000. GTS Securities LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth approximately $1,109,000. Allworth Financial LP purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth approximately $130,000. Finally, Tidal Investments LLC purchased a new stake in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth approximately $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.