Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) Shares Gap Down – Time to Sell?

Shares of Direxion Daily Semiconductors Bear 3X ETF (NYSEARCA:SOXS) gapped down before the market opened on Thursday . The stock had previously closed at $50.11, but opened at $45.72. Direxion Daily Semiconductors Bear 3X ETF shares last traded at $44.95, with a volume of 19,367,880 shares.

Direxion Daily Semiconductors Bear 3X ETF Trading Down 9.4%

The company’s 50-day simple moving average is $47.91 and its two-hundred day simple moving average is $136.74.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SOXS. OceanIQ Capital LLC acquired a new position in shares of Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $44,000. IFP Advisors Inc bought a new position in Direxion Daily Semiconductors Bear 3X ETF in the 4th quarter worth $43,000. NewEdge Advisors LLC bought a new position in Direxion Daily Semiconductors Bear 3X ETF during the second quarter worth $45,000. PCG Wealth Advisors LLC acquired a new position in Direxion Daily Semiconductors Bear 3X ETF in the 2nd quarter valued at approximately $55,000. Finally, Corient Private Wealth LP acquired a new position in Direxion Daily Semiconductors Bear 3X ETF in the second quarter worth about $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.