Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Shares Gap Down – Here’s Why

Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) gapped down before the market opened on Tuesday. The stock had previously closed at $58.09, but opened at $53.27. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $52.78, with a volume of 26,234,046 shares changing hands.

Direxion Daily Semiconductors Bear 3X ETF Price Performance

The stock has a 50-day moving average of $42.95 and a two-hundred day moving average of $153.73.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SOXS. Formidable Asset Management LLC bought a new position in shares of Direxion Daily Semiconductors Bear 3X ETF during the 3rd quarter valued at $11,899,000. Tidal Investments LLC purchased a new position in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth $117,000. NewEdge Advisors LLC purchased a new position in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth $45,000. Allworth Financial LP purchased a new position in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter worth $130,000. Finally, Corient Private Wealth LP bought a new stake in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth $78,000.

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.