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

Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totaling 6,188,874 shares, a growth of 178.6% from the May 31st total of 2,221,577 shares. Currently, 25.2% of the company’s shares are short sold. Based on an average daily volume of 63,981,891 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SPDN. Steward Partners Investment Advisory LLC bought a new position in Direxion Daily S&P 500 Bear 1x Shares in the fourth quarter valued at approximately $49,000. Strait & Sound Wealth Management LLC acquired a new stake in Direxion Daily S&P 500 Bear 1x Shares during the 1st quarter worth approximately $100,000. A. D. Beadell Investment Counsel Inc. acquired a new stake in shares of Direxion Daily S&P 500 Bear 1x Shares during the fourth quarter worth $117,000. Waverly Advisors LLC bought a new position in shares of Direxion Daily S&P 500 Bear 1x Shares during the first quarter worth approximately $136,000. Finally, IHT Wealth Management LLC acquired a new stake in Direxion Daily S&P 500 Bear 1x Shares during the second quarter worth approximately $159,000.

Direxion Daily S&P 500 Bear 1x Shares Trading Up 0.5%

NYSEARCA:SPDN traded up $0.04 during mid-day trading on Friday, hitting $8.87. The company had a trading volume of 59,192,086 shares, compared to its average volume of 57,721,496. The business’s fifty day moving average is $8.85 and its two-hundred day moving average is $9.29. Direxion Daily S&P 500 Bear 1x Shares has a fifty-two week low of $8.58 and a fifty-two week high of $10.42.

Direxion Daily S&P 500 Bear 1x Shares Company Profile

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.