Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ) Shares Cross Above Fifty Day Moving Average – Should You Sell?

Direxion Daily Financial Bear 3X Shares (NYSEARCA:FAZ)’s stock price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $40.53 and traded as high as $40.67. Direxion Daily Financial Bear 3X Shares shares last traded at $39.68, with a volume of 1,861,213 shares traded.

Direxion Daily Financial Bear 3X Shares Stock Performance

The firm’s 50 day moving average is $40.53 and its 200-day moving average is $42.03.

Institutional Investors Weigh In On Direxion Daily Financial Bear 3X Shares

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new position in Direxion Daily Financial Bear 3X Shares during the second quarter worth approximately $44,000. SBI Securities Co. Ltd. raised its holdings in shares of Direxion Daily Financial Bear 3X Shares by 119.5% during the 2nd quarter. SBI Securities Co. Ltd. now owns 18,372 shares of the real estate investment trust’s stock worth $81,000 after acquiring an additional 10,002 shares during the period. Johnson Investment Counsel Inc. grew its holdings in shares of Direxion Daily Financial Bear 3X Shares by 142.4% in the second quarter. Johnson Investment Counsel Inc. now owns 25,912 shares of the real estate investment trust’s stock valued at $114,000 after purchasing an additional 15,221 shares during the period. FNY Investment Advisers LLC purchased a new stake in shares of Direxion Daily Financial Bear 3X Shares in the second quarter valued at about $175,000. Finally, Squarepoint Ops LLC increased its position in Direxion Daily Financial Bear 3X Shares by 48.7% during the second quarter. Squarepoint Ops LLC now owns 218,391 shares of the real estate investment trust’s stock worth $959,000 after purchasing an additional 71,516 shares during the last quarter. Institutional investors and hedge funds own 9.56% of the company’s stock.

Direxion Daily Financial Bear 3X Shares Company Profile

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.