Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Trading 6.9% Higher – Here’s Why

Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL)’s stock price traded up 6.9% during mid-day trading on Friday . The stock traded as high as $76.95 and last traded at $76.92. 19,737,453 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 86,895,156 shares. The stock had previously closed at $71.98.

Direxion Daily Semiconductors Bull 3x Shares Stock Up 6.1%

The stock has a market cap of $16.72 billion, a price-to-earnings ratio of 35.63 and a beta of 4.55. The company’s 50-day moving average is $58.46 and its 200-day moving average is $49.77.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Pin Oak Investment Advisors Inc. acquired a new position in Direxion Daily Semiconductors Bull 3x Shares in the fourth quarter worth about $25,000. Raymond James Financial Inc. bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the second quarter worth about $25,000. Addison Advisors LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the third quarter worth about $33,000. 1248 Management LLC grew its stake in Direxion Daily Semiconductors Bull 3x Shares by 33.3% during the fourth quarter. 1248 Management LLC now owns 800 shares of the company’s stock worth $34,000 after buying an additional 200 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in Direxion Daily Semiconductors Bull 3x Shares during the fourth quarter worth about $36,000.

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.