Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) Stock Price Up 6% – Should You Buy?

Shares of Direxion Daily Semiconductors Bull 3x Shares (NYSEARCA:SOXL) rose 6% during trading on Friday . The company traded as high as $28.64 and last traded at $28.78. Approximately 22,974,685 shares changed hands during trading, a decline of 71% from the average daily volume of 78,463,141 shares. The stock had previously closed at $27.15.

Direxion Daily Semiconductors Bull 3x Shares Trading Up 3.6 %

The stock’s fifty day moving average price is $29.41 and its 200-day moving average price is $33.69. The firm has a market cap of $7.62 billion, a price-to-earnings ratio of 37.08 and a beta of 5.47.

Institutional Investors Weigh In On Direxion Daily Semiconductors Bull 3x Shares

A number of hedge funds have recently bought and sold shares of the stock. Anchor Investment Management LLC grew its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 83.6% during the third quarter. Anchor Investment Management LLC now owns 1,285 shares of the company’s stock worth $47,000 after purchasing an additional 585 shares during the last quarter. Covestor Ltd increased its stake in shares of Direxion Daily Semiconductors Bull 3x Shares by 101.4% during the 3rd quarter. Covestor Ltd now owns 1,766 shares of the company’s stock worth $65,000 after purchasing an additional 889 shares in the last quarter. Signaturefd LLC raised its stake in Direxion Daily Semiconductors Bull 3x Shares by 17.6% in the 3rd quarter. Signaturefd LLC now owns 2,000 shares of the company’s stock valued at $73,000 after purchasing an additional 300 shares during the last quarter. PayPay Securities Corp boosted its holdings in shares of Direxion Daily Semiconductors Bull 3x Shares by 21.6% during the fourth quarter. PayPay Securities Corp now owns 2,269 shares of the company’s stock worth $62,000 after purchasing an additional 403 shares during the last quarter. Finally, Bogart Wealth LLC acquired a new position in shares of Direxion Daily Semiconductors Bull 3x Shares during the 3rd quarter valued at about $106,000.

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.