Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) Stock Falls 0.4% – What’s Next?

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) traded down 0.4% during mid-day trading on Tuesday. The stock traded as low as $29.55 and last traded at $30.07. 903,871 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 2,116,927 shares. The stock had previously closed at $30.18.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Stock Up 2.1%

The company’s fifty day moving average price is $34.02 and its 200 day moving average price is $42.25.

Institutional Investors Weigh In On Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the 1st quarter worth approximately $414,000. IMC Chicago LLC purchased a new position in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF in the 1st quarter worth approximately $181,000. IFP Advisors Inc grew its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 31.8% in the second quarter. IFP Advisors Inc now owns 19,496 shares of the company’s stock valued at $104,000 after acquiring an additional 4,700 shares in the last quarter. Finally, Group One Trading LLC grew its holdings in shares of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 26.9% in the first quarter. Group One Trading LLC now owns 10,774 shares of the company’s stock valued at $45,000 after acquiring an additional 2,281 shares in the last quarter.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Company Profile

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares (DRIP) is an exchange-traded fund that mostly invests in energy equity. The fund provides 2x inverse daily exposure to an equal-weighted index of the largest oil and gas exploration and production companies in the US. DRIP was launched on May 28, 2015 and is managed by Direxion.