Direxion Daily Technology Bear 3X ETF (NYSEARCA:TECS – Get Free Report) was the target of a large growth in short interest in August. As of August 31st, there was short interest totaling 204,353 shares, a growth of 56.8% from the August 15th total of 130,317 shares. Currently, 22.2% of the company’s stock are sold short. Based on an average trading volume of 338,893 shares, the days-to-cover ratio is currently 0.6 days.
Institutional Investors Weigh In On Direxion Daily Technology Bear 3X ETF
Hedge funds have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Direxion Daily Technology Bear 3X ETF during the 4th quarter valued at about $958,000. IMC Chicago LLC purchased a new position in Direxion Daily Technology Bear 3X ETF in the 1st quarter worth approximately $834,000. Finally, Geneos Wealth Management Inc. purchased a new position in Direxion Daily Technology Bear 3X ETF in the 1st quarter worth approximately $57,000.
Direxion Daily Technology Bear 3X ETF Stock Down 6.8%
Direxion Daily Technology Bear 3X ETF stock traded down $4.36 during trading on Thursday, reaching $59.34. 390,693 shares of the company’s stock were exchanged, compared to its average volume of 536,347. The company’s 50-day moving average is $66.35 and its two-hundred day moving average is $102.59. Direxion Daily Technology Bear 3X ETF has a 52-week low of $56.64 and a 52-week high of $240.40.
About Direxion Daily Technology Bear 3X ETF
The Direxion Daily Technology Bear 3X Shares (TECS) is an exchange-traded fund that is based on the Technology Select Sector index. The fund provides 3x leveraged inverse exposure to a market-cap-weighted index of US large-cap technology companies. TECS was launched on Dec 17, 2008 and is managed by Direxion.
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