Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ) Stock Falls 4.3% – Should You Sell?

Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ)’s stock price dropped 4.3% during mid-day trading on Monday. The stock traded as low as $30.22 and last traded at $30.68. Approximately 1,970,197 shares were traded during trading, an increase of 108% from the average session volume of 949,287 shares. The stock had previously closed at $32.05.

Direxion Daily Financial Bear 3X ETF Trading Down 4.3%

The company has a fifty day moving average of $34.78 and a 200-day moving average of $39.88.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Direxion Daily Financial Bear 3X ETF stock. Simplex Trading LLC bought a new position in Direxion Daily Financial Bear 3X ETF (NYSEARCA:FAZ) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 18,124 shares of the real estate investment trust’s stock, valued at approximately $717,000. Simplex Trading LLC owned about 0.69% of Direxion Daily Financial Bear 3X ETF as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 9.56% of the company’s stock.

About Direxion Daily Financial Bear 3X ETF

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. The Fund invests in sectors, such as banks, diversified financial services, real estate investment trust, financial data and systems, asset management and custodian, securities brokerage and services, and consumer lending.