Short Interest in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) Expands By 68.1%

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF (NYSEARCA:DRIP) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 200,750 shares, a growth of 68.1% from the August 15th total of 119,440 shares. Based on an average trading volume of 698,368 shares, the days-to-cover ratio is presently 0.3 days. Approximately 8.0% of the company’s shares are sold short.

Institutional Trading of Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF

Hedge funds have recently modified their holdings of the business. Group One Trading LLC boosted its position 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 worth $45,000 after buying an additional 2,281 shares during the period. IFP Advisors Inc boosted its position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF by 31.8% during the 2nd quarter. IFP Advisors Inc now owns 19,496 shares of the company’s stock worth $104,000 after acquiring an additional 4,700 shares during the period. IMC Chicago LLC purchased a new position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the 1st quarter valued at about $181,000. Finally, Bank of New York Mellon Corp purchased a new position in Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF during the 1st quarter valued at about $414,000.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF Stock Performance

Shares of NYSEARCA:DRIP opened at $33.14 on Friday. Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X ETF has a 52 week low of $30.52 and a 52 week high of $99.00. The firm has a 50 day simple moving average of $38.68 and a 200 day simple moving average of $44.66.

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.