Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) Sees Significant Growth in Short Interest

Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) was the recipient of a large growth in short interest in March. As of March 13th, there was short interest totaling 2,082,842 shares, a growth of 134.9% from the February 26th total of 886,657 shares. Based on an average daily volume of 100,008,662 shares, the short-interest ratio is currently 0.0 days. Approximately 9.4% of the shares of the stock are sold short.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bear 1x Shares

Hedge funds and other institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Direxion Daily S&P 500 Bear 1x Shares during the 4th quarter valued at approximately $49,000. A. D. Beadell Investment Counsel Inc. bought a new stake in shares of Direxion Daily S&P 500 Bear 1x Shares in the fourth quarter worth $117,000. IHT Wealth Management LLC bought a new stake in shares of Direxion Daily S&P 500 Bear 1x Shares in the second quarter worth $159,000. Moors & Cabot Inc. raised its holdings in Direxion Daily S&P 500 Bear 1x Shares by 27.0% in the third quarter. Moors & Cabot Inc. now owns 17,132 shares of the company’s stock valued at $165,000 after acquiring an additional 3,647 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Direxion Daily S&P 500 Bear 1x Shares during the 2nd quarter valued at $181,000.

Direxion Daily S&P 500 Bear 1x Shares Stock Performance

SPDN stock opened at $9.93 on Thursday. The business has a fifty day simple moving average of $9.52 and a 200-day simple moving average of $9.54. Direxion Daily S&P 500 Bear 1x Shares has a 52 week low of $9.26 and a 52 week high of $13.35.

About Direxion Daily S&P 500 Bear 1x Shares

The Direxion Daily S&P 500 Bear 1X Shares (SPDN) is an exchange-traded fund that is based on the S&P 500 index. The fund provides daily inverse exposure to the S&P 500, a market-cap-weighted index of 500 US large-cap firms selected by the S&Ps index committee. SPDN was launched on Jun 8, 2016 and is managed by Direxion.