Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Down 12.2% – Time to Sell?

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s share price dropped 12.2% during mid-day trading on Friday . The stock traded as low as $37.40 and last traded at $37.7460. Approximately 70,180,190 shares changed hands during trading, a decline of 44% from the average daily volume of 124,922,016 shares. The stock had previously closed at $43.01.

Direxion Daily Semiconductors Bull 3x Shares Stock Down 3.0%

The firm’s fifty day moving average price is $36.90 and its 200 day moving average price is $27.18. The stock has a market cap of $12.23 billion, a PE ratio of 35.63 and a beta of 4.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealthcare Advisory Partners LLC bought a new stake in shares of Direxion Daily Semiconductors Bull 3x Shares in the third quarter worth about $279,000. Addison Advisors LLC purchased a new position in Direxion Daily Semiconductors Bull 3x Shares during the 3rd quarter valued at approximately $33,000. HighTower Advisors LLC increased its stake in Direxion Daily Semiconductors Bull 3x Shares by 46.7% in the 3rd quarter. HighTower Advisors LLC now owns 38,677 shares of the company’s stock worth $1,348,000 after acquiring an additional 12,319 shares during the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 3.0% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 31,732 shares of the company’s stock worth $1,106,000 after acquiring an additional 939 shares in the last quarter. Finally, Howard Capital Management Inc. boosted its position in shares of Direxion Daily Semiconductors Bull 3x Shares by 2.8% during the 3rd quarter. Howard Capital Management Inc. now owns 202,941 shares of the company’s stock valued at $7,070,000 after acquiring an additional 5,502 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.