Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) Trading Down 1.7% – Here’s Why

Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) dropped 1.7% during mid-day trading on Wednesday . The stock traded as low as $5.70 and last traded at $5.71. Approximately 24,995,307 shares were traded during trading, a decline of 31% from the average daily volume of 36,401,617 shares. The stock had previously closed at $5.81.

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

The company’s fifty day simple moving average is $6.35 and its 200 day simple moving average is $7.29.

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

Institutional investors and hedge funds have recently modified their holdings of the stock. Embree Financial Group acquired a new position in shares of Direxion Daily S&P 500 Bear 3X Shares in the third quarter valued at about $99,000. XTX Topco Ltd bought a new stake in Direxion Daily S&P 500 Bear 3X Shares during the third quarter worth about $101,000. Headlands Technologies LLC bought a new stake in Direxion Daily S&P 500 Bear 3X Shares during the second quarter worth about $281,000. Lazari Capital Management Inc. lifted its position in Direxion Daily S&P 500 Bear 3X Shares by 342.8% during the second quarter. Lazari Capital Management Inc. now owns 49,150 shares of the company’s stock worth $386,000 after purchasing an additional 38,050 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Direxion Daily S&P 500 Bear 3X Shares during the second quarter worth about $655,000.

About Direxion Daily S&P 500 Bear 3X Shares

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.