Short Interest in Direxion Daily Technology Bear 3X Shares (NYSEARCA:TECS) Drops By 56.0%

Direxion Daily Technology Bear 3X Shares (NYSEARCA:TECS) was the recipient of a large drop in short interest in May. As of May 15th, there was short interest totaling 351,036 shares, a drop of 56.0% from the April 30th total of 798,103 shares. Currently, 5.2% of the company’s shares are short sold. Based on an average daily volume of 4,800,151 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Investors Weigh In On Direxion Daily Technology Bear 3X Shares

A number of large investors have recently made changes to their positions in TECS. JFS Wealth Advisors LLC boosted its stake in Direxion Daily Technology Bear 3X Shares by 100.0% in the 3rd quarter. JFS Wealth Advisors LLC now owns 2,000 shares of the company’s stock worth $39,000 after purchasing an additional 1,000 shares during the period. Geneos Wealth Management Inc. acquired a new stake in Direxion Daily Technology Bear 3X Shares during the 1st quarter valued at $57,000. CWA Asset Management Group LLC acquired a new stake in Direxion Daily Technology Bear 3X Shares during the 4th quarter valued at $173,000. SBI Securities Co. Ltd. lifted its holdings in shares of Direxion Daily Technology Bear 3X Shares by 211.4% in the third quarter. SBI Securities Co. Ltd. now owns 11,037 shares of the company’s stock valued at $213,000 after purchasing an additional 7,493 shares in the last quarter. Finally, Two Sigma Securities LLC purchased a new stake in shares of Direxion Daily Technology Bear 3X Shares in the second quarter valued at $274,000.

Direxion Daily Technology Bear 3X Shares Price Performance

NYSEARCA TECS traded down $0.48 on Friday, hitting $6.67. 11,472,782 shares of the company were exchanged, compared to its average volume of 4,146,124. Direxion Daily Technology Bear 3X Shares has a twelve month low of $6.60 and a twelve month high of $37.12. The company’s 50 day moving average price is $13.44 and its 200-day moving average price is $16.23.

About Direxion Daily Technology Bear 3X Shares

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.