Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) Shares Set to Reverse Split on Friday, June 28th

Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) shares are set to reverse split on Friday, June 28th. The 1-5 reverse split was announced on Friday, May 24th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, June 27th.

Shares of FAZ stock opened at $8.03 on Wednesday. The business’s fifty day simple moving average is $8.26. Direxion Daily Financial Bear 3X Shares has a 12-month low of $7.61 and a 12-month high of $16.99.

Several hedge funds have recently modified their holdings of the company. Miracle Mile Advisors LLC increased its position in shares of Direxion Daily Financial Bear 3X Shares by 98.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 30,700 shares of the real estate investment trust’s stock valued at $290,000 after acquiring an additional 15,200 shares during the period. Morgan Stanley increased its position in shares of Direxion Daily Financial Bear 3X Shares by 25.4% in the 3rd quarter. Morgan Stanley now owns 262,033 shares of the real estate investment trust’s stock valued at $2,544,000 after acquiring an additional 53,057 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of Direxion Daily Financial Bear 3X Shares in the 4th quarter valued at $602,000.

Direxion Daily Financial Bear 3X Shares Company Profile

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.

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