Direxion Daily S&P 500 Bear 3X ETF (NYSEARCA:SPXS) Stock Sees Heavy Put Option Buying

Direxion Daily S&P 500 Bear 3X ETF (NYSEARCA:SPXS) was the recipient of unusually large options trading activity on Friday. Stock investors purchased 50,756 put options on the stock. This represents an increase of approximately 203% compared to the average volume of 16,777 put options.

Direxion Daily S&P 500 Bear 3X ETF Stock Down 1.7%

Shares of NYSEARCA SPXS opened at $23.37 on Friday. The firm’s fifty day moving average is $24.48 and its 200 day moving average is $27.91. Direxion Daily S&P 500 Bear 3X ETF has a 52 week low of $23.04 and a 52 week high of $44.83.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bear 3X ETF

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada purchased a new stake in shares of Direxion Daily S&P 500 Bear 3X ETF during the first quarter worth about $81,000. PayPay Securities Corp increased its holdings in Direxion Daily S&P 500 Bear 3X ETF by 242.3% during the 2nd quarter. PayPay Securities Corp now owns 4,836 shares of the company’s stock valued at $128,000 after purchasing an additional 3,423 shares during the period. Guardian Partners Inc. bought a new position in Direxion Daily S&P 500 Bear 3X ETF during the 1st quarter valued at approximately $203,000. Corient Private Wealth LLC bought a new position in Direxion Daily S&P 500 Bear 3X ETF during the 4th quarter valued at approximately $359,000. Finally, Group One Trading LLC purchased a new stake in Direxion Daily S&P 500 Bear 3X ETF in the 1st quarter worth approximately $2,172,000.

About Direxion Daily S&P 500 Bear 3X ETF

Direxion Daily S&P 500 Bear 3X Shares ETF, formerly Direxion Daily S&P 500 Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.