Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) Short Interest Up 178.6% in June

Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 6,188,874 shares, a growth of 178.6% from the May 31st total of 2,221,577 shares. Based on an average daily volume of 63,981,891 shares, the days-to-cover ratio is presently 0.1 days. Currently, 25.2% of the shares of the stock are short sold.

Direxion Daily S&P 500 Bear 1x Shares Stock Performance

Shares of Direxion Daily S&P 500 Bear 1x Shares stock traded down $0.13 during midday trading on Monday, reaching $8.74. The company had a trading volume of 34,261,763 shares, compared to its average volume of 57,521,773. The stock has a fifty day simple moving average of $8.85 and a 200 day simple moving average of $9.29. Direxion Daily S&P 500 Bear 1x Shares has a 1-year low of $8.58 and a 1-year high of $10.35.

Institutional Investors Weigh In On Direxion Daily S&P 500 Bear 1x Shares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC bought a new stake in shares of Direxion Daily S&P 500 Bear 1x Shares during the fourth quarter worth $49,000. Strait & Sound Wealth Management LLC bought a new position in Direxion Daily S&P 500 Bear 1x Shares in the first quarter valued at about $100,000. A. D. Beadell Investment Counsel Inc. bought a new position in Direxion Daily S&P 500 Bear 1x Shares in the fourth quarter valued at about $117,000. Waverly Advisors LLC acquired a new stake in Direxion Daily S&P 500 Bear 1x Shares in the first quarter worth about $136,000. Finally, IHT Wealth Management LLC acquired a new stake in Direxion Daily S&P 500 Bear 1x Shares in the second quarter worth about $159,000.

Direxion Daily S&P 500 Bear 1x Shares Company Profile

The Direxion Daily S&P 500 Bear 1X Shares (SPDN) is an exchange-traded fund that is based on the S&P 500 index. The fund provides daily inverse exposure to the S&P 500, a market-cap-weighted index of 500 US large-cap firms selected by the S&Ps index committee. SPDN was launched on Jun 8, 2016 and is managed by Direxion.