Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS) Shares Down 4.9% – Here’s What Happened

Direxion Daily S&P 500 Bear 3X Shares (NYSEARCA:SPXS)’s stock price traded down 4.9% on Thursday . The stock traded as low as $27.57 and last traded at $27.87. 27,409,056 shares traded hands during mid-day trading, an increase of 88% from the average session volume of 14,549,145 shares. The stock had previously closed at $29.31.

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

The company’s 50-day moving average is $30.20 and its two-hundred day moving average is $33.90.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in SPXS. JPMorgan Chase & Co. bought a new stake in shares of Direxion Daily S&P 500 Bear 3X Shares during the 2nd quarter worth about $119,000. Jump Financial LLC bought a new stake in shares of Direxion Daily S&P 500 Bear 3X Shares during the 2nd quarter worth about $1,537,000. Tower Research Capital LLC TRC raised its position in shares of Direxion Daily S&P 500 Bear 3X Shares by 174.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 107,891 shares of the company’s stock worth $506,000 after buying an additional 68,566 shares in the last quarter. Group One Trading LLC bought a new stake in shares of Direxion Daily S&P 500 Bear 3X Shares during the 3rd quarter worth about $310,000. Finally, BTG Pactual Asset Management US LLC bought a new stake in shares of Direxion Daily S&P 500 Bear 3X Shares during the 3rd quarter worth about $220,000.

Direxion Daily S&P 500 Bear 3X Shares Company Profile

Direxion Daily S&P 500 Bear 3X Shares ETF, formerly Direxion Daily S&P 500 Bear 3X Shares, seeks daily investment results of 300% of the inverse (or opposite) of the price performance of the S&P 500 Index. The S&P 500 Index is a capitalization-weighted index composed of 500 domestic common stocks. Standard & Poor’s selects the 500 stocks comprising the Index on the basis of market values and industry diversification. Most of the stocks in the Index are issued by the 500 largest companies, in terms of the aggregate market value of their outstanding stock, and generally are listed on the New York Stock Exchange.