Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) Sees Significant Growth in Short Interest

Direxion Daily S&P 500 Bear 1x Shares (NYSEARCA:SPDN) saw a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 2,082,842 shares, a growth of 134.9% from the February 26th total of 886,657 shares. Approximately 9.4% of the shares of the company are short sold. Based on an average daily volume of 100,008,662 shares, the short-interest ratio is currently 0.0 days.

Direxion Daily S&P 500 Bear 1x Shares Stock Performance

NYSEARCA:SPDN opened at $10.20 on Friday. The firm’s 50-day moving average is $9.55 and its 200-day moving average is $9.55. Direxion Daily S&P 500 Bear 1x Shares has a 52-week low of $9.26 and a 52-week high of $13.35.

Hedge Funds Weigh In On Direxion Daily S&P 500 Bear 1x Shares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockport Wealth LLC acquired a new position in Direxion Daily S&P 500 Bear 1x Shares in the 4th quarter valued at approximately $26,392,000. Leuthold Group LLC grew its holdings in shares of Direxion Daily S&P 500 Bear 1x Shares by 34.6% during the 4th quarter. Leuthold Group LLC now owns 2,340,534 shares of the company’s stock worth $22,071,000 after purchasing an additional 601,711 shares in the last quarter. Arkadios Wealth Advisors increased its position in shares of Direxion Daily S&P 500 Bear 1x Shares by 125.4% during the third quarter. Arkadios Wealth Advisors now owns 894,034 shares of the company’s stock valued at $8,592,000 after purchasing an additional 497,419 shares during the period. NewEdge Advisors LLC increased its position in shares of Direxion Daily S&P 500 Bear 1x Shares by 763,361.5% during the fourth quarter. NewEdge Advisors LLC now owns 496,250 shares of the company’s stock valued at $4,680,000 after purchasing an additional 496,185 shares during the period. Finally, Bison Wealth LLC acquired a new position in shares of Direxion Daily S&P 500 Bear 1x Shares in the fourth quarter valued at $4,236,000.

About Direxion Daily S&P 500 Bear 1x Shares

The Direxion Daily S&P 500 Bear 1X Shares (SPDN) is an exchange-traded fund that is based on the S&P 500 index. The fund provides daily inverse exposure to the S&P 500, a market-cap-weighted index of 500 US large-cap firms selected by the S&Ps index committee. SPDN was launched on Jun 8, 2016 and is managed by Direxion.