Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading 6.3% Higher – Here’s What Happened

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s stock price traded up 6.3% during mid-day trading on Wednesday . The company traded as high as $38.30 and last traded at $38.4360. 31,873,913 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 124,887,055 shares. The stock had previously closed at $36.17.

Direxion Daily Semiconductors Bull 3x Shares Stock Up 8.4%

The firm has a market capitalization of $11.49 billion, a P/E ratio of 35.63 and a beta of 4.52. The business’s 50 day moving average is $39.31 and its 200-day moving average is $29.39.

Hedge Funds Weigh In On Direxion Daily Semiconductors Bull 3x Shares

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOXL. Addison Advisors LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares in the 3rd quarter worth approximately $33,000. Raymond James Financial Inc. bought a new position in Direxion Daily Semiconductors Bull 3x Shares during the second quarter worth $25,000. Optimum Investment Advisors lifted its holdings in Direxion Daily Semiconductors Bull 3x Shares by 550.0% in the second quarter. Optimum Investment Advisors now owns 1,300 shares of the company’s stock valued at $33,000 after buying an additional 1,100 shares during the period. Quent Capital LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the third quarter valued at $71,000. Finally, Spire Wealth Management boosted its position in 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.