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

Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totaling 2,258,856 shares, a drop of 63.5% from the June 15th total of 6,188,874 shares. Based on an average daily trading volume, of 44,664,010 shares, the short-interest ratio is presently 0.1 days. Approximately 9.3% of the shares of the company are short sold.

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

Shares of NYSEARCA SPDN traded down $0.03 during trading on Wednesday, reaching $8.60. The stock had a trading volume of 41,856,549 shares, compared to its average volume of 55,531,883. Direxion Daily S&P 500 Bear 1x Shares has a one year low of $8.58 and a one year high of $10.35. The firm’s 50 day moving average price is $8.74 and its two-hundred day moving average price is $9.22.

Institutional Trading of Direxion Daily S&P 500 Bear 1x Shares

Institutional investors and hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC lifted its position in shares of Direxion Daily S&P 500 Bear 1x Shares by 69.6% in the 1st quarter. NewEdge Advisors LLC now owns 841,700 shares of the company’s stock worth $8,375,000 after buying an additional 345,450 shares during the last quarter. Verus Capital Partners LLC grew its position in shares of Direxion Daily S&P 500 Bear 1x Shares by 119.0% during the 1st quarter. Verus Capital Partners LLC now owns 142,931 shares of the company’s stock valued at $1,422,000 after buying an additional 77,678 shares during the last quarter. January Capital Advisors LLC acquired a new stake in Direxion Daily S&P 500 Bear 1x Shares during the first quarter worth about $1,977,000. Strait & Sound Wealth Management LLC bought a new position in Direxion Daily S&P 500 Bear 1x Shares in the first quarter worth about $100,000. Finally, Waverly Advisors LLC bought a new position in Direxion Daily S&P 500 Bear 1x Shares in the first quarter worth about $136,000.

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.