Stock Traders Buy Large Volume of Put Options on Direxion Daily S&P 500 Bear 3X ETF (NYSEARCA:SPXS)

Direxion Daily S&P 500 Bear 3X ETF (NYSEARCA:SPXS) was the recipient of unusually large options trading on Thursday. Stock investors bought 31,375 put options on the company. This is an increase of 94% compared to the average volume of 16,155 put options.

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

Several hedge funds and other institutional investors have recently bought and sold shares of SPXS. Royal Bank of Canada bought a new stake in Direxion Daily S&P 500 Bear 3X ETF in the 1st quarter worth approximately $81,000. PayPay Securities Corp increased its position in Direxion Daily S&P 500 Bear 3X ETF by 242.3% during the second quarter. PayPay Securities Corp now owns 4,836 shares of the company’s stock valued at $128,000 after acquiring an additional 3,423 shares during the last quarter. Guardian Partners Inc. purchased a new stake in Direxion Daily S&P 500 Bear 3X ETF during the first quarter valued at $203,000. Corient Private Wealth LLC bought a new position in Direxion Daily S&P 500 Bear 3X ETF in the fourth quarter valued at about $359,000. Finally, Group One Trading LLC purchased a new position in Direxion Daily S&P 500 Bear 3X ETF in the first quarter worth about $2,172,000.

Direxion Daily S&P 500 Bear 3X ETF Price Performance

Shares of NYSEARCA:SPXS traded down $0.90 on Thursday, hitting $25.20. 10,906,196 shares of the company traded hands, compared to its average volume of 13,233,409. Direxion Daily S&P 500 Bear 3X ETF has a 52 week low of $23.40 and a 52 week high of $44.83. The stock has a 50 day simple moving average of $25.37 and a 200-day simple moving average of $29.44.

Direxion Daily S&P 500 Bear 3X ETF Company Profile

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.