Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Short Interest Down 35.7% in May

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) was the target of a large drop in short interest in May. As of May 29th, there was short interest totaling 38,055 shares, a drop of 35.7% from the May 14th total of 59,162 shares. Based on an average daily volume of 187,079 shares, the short-interest ratio is currently 0.2 days. Approximately 5.9% of the shares of the stock are short sold.

Institutional Trading of Direxion Daily S&P 500 High Beta Bear 3X Shares

A number of hedge funds have recently bought and sold shares of HIBS. Tower Research Capital LLC TRC acquired a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the second quarter worth approximately $219,000. Choreo LLC acquired a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the third quarter worth approximately $2,366,000. Group One Trading LLC acquired a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the third quarter worth approximately $28,000. Prosperity Wealth Management Inc. boosted its position in Direxion Daily S&P 500 High Beta Bear 3X Shares by 213.9% during the third quarter. Prosperity Wealth Management Inc. now owns 249,733 shares of the company’s stock worth $1,621,000 after acquiring an additional 170,165 shares during the last quarter. Finally, StoneX Group Inc. acquired a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares during the fourth quarter worth approximately $55,000.

Direxion Daily S&P 500 High Beta Bear 3X Shares Trading Down 5.1%

Shares of HIBS traded down $0.98 during mid-day trading on Wednesday, reaching $18.30. 53,674 shares of the company’s stock were exchanged, compared to its average volume of 284,936. The company has a 50-day simple moving average of $28.14 and a two-hundred day simple moving average of $39.75. Direxion Daily S&P 500 High Beta Bear 3X Shares has a 52-week low of $17.83 and a 52-week high of $116.40.

About Direxion Daily S&P 500 High Beta Bear 3X Shares

The Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is an exchange-traded fund that is based on the S&P 500 High Beta index. The fund provides 3x daily inverse exposure to a beta-weighted index of 100 highest-beta stocks in the S&P 500. HIBS was launched on Nov 7, 2019 and is managed by Direxion.