Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) shares are scheduled to reverse split on Friday, June 28th. The 1-5 reverse split was announced on Friday, May 24th. The number of shares owned by shareholders will be adjusted after the market closes on Thursday, June 27th.
Shares of FAZ stock opened at $7.90 on Wednesday. Direxion Daily Financial Bear 3X Shares has a one year low of $7.73 and a one year high of $16.99.
A number of hedge funds have recently made changes to their positions in the stock. Miracle Mile Advisors LLC boosted its stake in Direxion Daily Financial Bear 3X Shares by 98.1% in the first quarter. Miracle Mile Advisors LLC now owns 30,700 shares of the real estate investment trust’s stock worth $290,000 after purchasing an additional 15,200 shares in the last quarter. Morgan Stanley boosted its stake in Direxion Daily Financial Bear 3X Shares by 25.4% in the third quarter. Morgan Stanley now owns 262,033 shares of the real estate investment trust’s stock worth $2,544,000 after purchasing an additional 53,057 shares in the last quarter. Finally, Deutsche Bank AG acquired a new position in Direxion Daily Financial Bear 3X Shares in the fourth quarter worth $602,000.
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About Direxion Daily Financial Bear 3X Shares
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.
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