Short Interest in Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) Grows By 46.6%

Direxion Daily S&P 500 High Beta Bear 3X Shares (NYSEARCA:HIBS) was the target of a large growth in short interest in the month of January. As of January 30th, there was short interest totaling 164,070 shares, a growth of 46.6% from the January 15th total of 111,888 shares. Based on an average daily volume of 2,218,632 shares, the days-to-cover ratio is presently 0.1 days. Approximately 3.7% of the shares of the stock are sold short. Approximately 3.7% of the shares of the stock are sold short. Based on an average daily volume of 2,218,632 shares, the days-to-cover ratio is presently 0.1 days.

Hedge Funds Weigh In On Direxion Daily S&P 500 High Beta Bear 3X Shares

Institutional investors have recently added to or reduced their stakes in the company. Choreo LLC bought a new position in Direxion Daily S&P 500 High Beta Bear 3X Shares during the third quarter valued at $2,366,000. Prosperity Wealth Management Inc. grew its position in Direxion Daily S&P 500 High Beta Bear 3X Shares by 213.9% in the 3rd quarter. Prosperity Wealth Management Inc. now owns 249,733 shares of the company’s stock valued at $1,621,000 after acquiring an additional 170,165 shares during the last quarter. Tower Research Capital LLC TRC purchased a new stake in Direxion Daily S&P 500 High Beta Bear 3X Shares in the second quarter worth $219,000. HRT Financial LP bought a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the fourth quarter worth $59,000. Finally, StoneX Group Inc. bought a new stake in shares of Direxion Daily S&P 500 High Beta Bear 3X Shares during the fourth quarter worth $55,000.

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

HIBS stock opened at $4.24 on Tuesday. The company’s fifty day moving average price is $4.54 and its 200-day moving average price is $5.90. Direxion Daily S&P 500 High Beta Bear 3X Shares has a one year low of $3.87 and a one year high of $41.69.

Direxion Daily S&P 500 High Beta Bear 3X Shares’s stock is set to reverse split on the morning of Thursday, March 5th. The 1-10 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, March 4th.

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.