Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) Trading Down 7.4% – Time to Sell?

Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) shares were down 7.4% on Wednesday . The stock traded as low as $23.42 and last traded at $24.76. Approximately 60,833 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 80,208 shares. The stock had previously closed at $26.75.

Direxion Daily Dow Jones Internet Bear 3x Shares Stock Down 7.4%

The company’s 50 day moving average price is $27.14 and its two-hundred day moving average price is $22.26.

Institutional Investors Weigh In On Direxion Daily Dow Jones Internet Bear 3x Shares

A hedge fund recently bought a new stake in Direxion Daily Dow Jones Internet Bear 3x Shares stock. Bank of America Corp DE bought a new stake in Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 700 shares of the company’s stock, valued at approximately $25,000.

About Direxion Daily Dow Jones Internet Bear 3x Shares

The Direxion Daily Dow Jones Internet Bear 3X Shares (WEBS) is an exchange-traded fund that is based on the DJ Internet Composite index. The fund provides 3x daily inverse exposure to a market-cap-weighted index of the largest and most liquid U.S. Internet companies. WEBS was launched on Nov 7, 2019 and is managed by Direxion.