Direxion Daily Magnificent 7 Bear 1X Shares (NYSEARCA:QQQD) Sees Significant Growth in Short Interest

Direxion Daily Magnificent 7 Bear 1X Shares (NYSEARCA:QQQD) was the recipient of a significant increase in short interest in the month of August. As of August 14th, there was short interest totaling 73,368 shares, an increase of 324.7% from the July 30th total of 17,276 shares. Based on an average daily volume of 55,060 shares, the days-to-cover ratio is currently 1.3 days. Approximately 2.8% of the shares of the company are short sold.

Institutional Investors Weigh In On Direxion Daily Magnificent 7 Bear 1X Shares

A number of hedge funds have recently added to or reduced their stakes in QQQD. Virtu Financial LLC acquired a new position in Direxion Daily Magnificent 7 Bear 1X Shares during the 4th quarter worth approximately $454,000. Susquehanna International Group LLP acquired a new position in Direxion Daily Magnificent 7 Bear 1X Shares during the third quarter worth $433,000. Finally, Bank of Montreal Can purchased a new position in Direxion Daily Magnificent 7 Bear 1X Shares in the fourth quarter worth $54,000.

Direxion Daily Magnificent 7 Bear 1X Shares Stock Up 0.6%

Direxion Daily Magnificent 7 Bear 1X Shares stock traded up $0.08 during trading hours on Wednesday, reaching $12.65. 13,085 shares of the stock were exchanged, compared to its average volume of 156,078. Direxion Daily Magnificent 7 Bear 1X Shares has a 52-week low of $12.01 and a 52-week high of $15.52. The firm’s 50 day moving average is $12.89 and its 200 day moving average is $13.24.

About Direxion Daily Magnificent 7 Bear 1X Shares

The Direxion Daily Concentrated Qs Bear 1X Shares (QQQD) is an exchange-traded fund that is based on the Indxx Front of the Q index. The fund tracks -1x the daily price movements of an equal-weighted index of the seven largest NASDAQ-listed companies. QQQD was launched on Mar 7, 2024 and is issued by Direxion.