Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP – Get Free Report) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totaling 95,740 shares, a decrease of 52.3% from the August 31st total of 200,750 shares. Approximately 2.6% of the shares of the stock are sold short. Based on an average daily trading volume, of 920,086 shares, the days-to-cover ratio is presently 0.1 days.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the stock. Group One Trading LLC increased its position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 26.9% in the first quarter. Group One Trading LLC now owns 10,774 shares of the company’s stock worth $45,000 after purchasing an additional 2,281 shares during the period. IFP Advisors Inc lifted its position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 31.8% during the second quarter. IFP Advisors Inc now owns 19,496 shares of the company’s stock worth $104,000 after purchasing an additional 4,700 shares during the period. IMC Chicago LLC bought a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the first quarter worth about $181,000. Finally, Bank of New York Mellon Corp acquired a new stake in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the first quarter worth about $414,000.
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Price Performance
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF stock traded up $0.61 during mid-day trading on Tuesday, reaching $37.85. 635,331 shares of the company were exchanged, compared to its average volume of 2,224,562. The company has a fifty day simple moving average of $37.27 and a 200-day simple moving average of $43.77. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF has a 12 month low of $30.52 and a 12 month high of $99.00.
About Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF
The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x inverse daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. DRIP was launched on May 28, 2015 and is managed by Direxion.
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