Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ) Stock Price Down 4.3% – Should You Sell?

Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ) shares were down 4.3% on Monday. The company traded as low as $30.22 and last traded at $30.68. Approximately 1,970,197 shares traded hands during mid-day trading, an increase of 108% from the average daily volume of 949,287 shares. The stock had previously closed at $32.05.

Direxion Daily Financial Bear 3X ETF Stock Down 4.3%

The business’s 50-day moving average price is $34.78 and its 200-day moving average price is $39.88.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in Direxion Daily Financial Bear 3X ETF stock. Simplex Trading LLC bought a new position in Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,124 shares of the real estate investment trust’s stock, valued at approximately $717,000. Simplex Trading LLC owned approximately 0.69% of Direxion Daily Financial Bear 3X ETF as of its most recent SEC filing. Institutional investors own 9.56% of the company’s stock.

About Direxion Daily Financial Bear 3X ETF

Direxion Daily Financial Bear 3x Shares (the Fund) seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the Russell 1000 Financial Services Index (the Index). The Index is a subset of the Russell 1000 Index that measures the performance of the securities classified in the financial services sector of the large cap United States equity market. The Fund invests in sectors, such as banks, diversified financial services, real estate investment trust, financial data and systems, asset management and custodian, securities brokerage and services, and consumer lending.