Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) Stock Price Up 6.3% – Here’s Why

Direxion Daily Dow Jones Internet Bear 3x Shares (NYSEARCA:WEBS) shares were up 6.3% during mid-day trading on Thursday . The stock traded as high as $20.20 and last traded at $20.03. Approximately 85,654 shares traded hands during mid-day trading, an increase of 27% from the average daily volume of 67,674 shares. The stock had previously closed at $18.85.

Direxion Daily Dow Jones Internet Bear 3x Shares Stock Down 1.7%

The firm has a 50 day simple moving average of $18.18 and a 200-day simple moving average of $22.02.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its stake in Direxion Daily Dow Jones Internet Bear 3x Shares by 96.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 48,350 shares of the company’s stock valued at $1,001,000 after buying an additional 23,795 shares in the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Direxion Daily Dow Jones Internet Bear 3x Shares by 198.6% in the first quarter. SBI Securities Co. Ltd. now owns 1,096 shares of the company’s stock valued at $48,000 after acquiring an additional 729 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Direxion Daily Dow Jones Internet Bear 3x Shares in the fourth quarter valued at approximately $25,000.

About Direxion Daily Dow Jones Internet Bear 3x Shares

The Direxion Daily Dow Jones Internet Bear 3X Shares (WEBS) is an exchange-traded fund that is based on the DJ Internet Composite index. The fund provides 3x daily inverse exposure to a market-cap-weighted index of the largest and most liquid U.S. Internet companies. WEBS was launched on Nov 7, 2019 and is managed by Direxion.