Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Target of Unusually Large Options Trading (NYSEARCA:DRIP)

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares (NYSEARCA:DRIP) was the target of some unusual options trading on Wednesday. Traders acquired 2,488 call options on the stock. This represents an increase of approximately 187% compared to the average volume of 866 call options.

Hedge Funds Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 5,977.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,923 shares of the company’s stock valued at $42,000 after buying an additional 4,842 shares during the period. Group One Trading LLC lifted its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 123.5% in the 2nd quarter. Group One Trading LLC now owns 4,775 shares of the company’s stock valued at $47,000 after buying an additional 2,639 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 9.7% in the 2nd quarter. Tower Research Capital LLC TRC now owns 54,505 shares of the company’s stock valued at $533,000 after buying an additional 4,826 shares during the period. Finally, Virtu Financial LLC lifted its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares by 65.7% in the 3rd quarter. Virtu Financial LLC now owns 213,277 shares of the company’s stock valued at $1,826,000 after buying an additional 84,538 shares during the period.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares Stock Performance

Shares of DRIP stock traded up $0.54 on Wednesday, hitting $4.73. The company had a trading volume of 13,844,516 shares, compared to its average volume of 22,182,941. The company has a 50-day moving average price of $5.61 and a 200-day moving average price of $7.61. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares has a twelve month low of $3.77 and a twelve month high of $17.48.

About Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2x Shares

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x inverse daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. DRIP was launched on May 28, 2015 and is managed by Direxion.